Ramaco Resources, Inc. (METC) 2026 Q1 法說會逐字稿

Good day, and welcome to the Ramaco Resources first quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Ramaco Resources 2026 年第一季業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead.

現在我想把會議交給財務長 Jeremy Sussman。請開始。

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our first quarter 2026 earnings conference call.

謝謝。我謹代表 Ramaco Resources，歡迎各位參加我們 2026 年第一季財報電話會議。

With me this morning is Randy Atkins, our Chairman and CEO, Chris Blanchard, our EVP for Mine Planning and Development, Jason Fannin, our Chief Commercial Officer, and Mike Woloschuk, our EVP of Critical Mineral Operations.

今天早上與我一同出席的有：董事長兼執行長 Randy Atkins、礦山規劃與開發執行副總裁 Chris Blanchard、首席商務長 Jason Fannin，以及關鍵礦物營運執行副總裁 Mike Woloschuk。

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.

在開始之前，我想先分享我們一貫的警示聲明。今天電話會議中討論的某些事項，構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述代表 Ramaco 對未來事件的預期。這些陳述受到風險、不確定性及其他因素影響，其中許多超出 Ramaco 的控制範圍，可能導致實際結果與前瞻性陳述中討論的結果出現重大差異。

Any forward-looking statement speaks only as of the date on which it is made. 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. 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.

任何前瞻性陳述僅截至其作出之日有效。除法律要求外，Ramaco 不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述的義務。我也想提醒各位，我們今天將討論的非 GAAP 財務衡量指標之調節表，可在我們的新聞稿中找到，並可於我們的網站 www.ramacoresources.com 查閱。

Lastly, I'd encourage everyone on this call to go onto our website and download today's investor presentation.

最後，我鼓勵所有與會者前往我們的網站下載今天的投資人簡報。

With that said, let me introduce our Chairman and CEO, Randy Atkins.

接下來，讓我介紹我們的董事長兼執行長 Randy Atkins。

Thanks, Jeremy, and thanks to everyone for joining us this morning. I'm going to lead off with our shareholder return and capital allocation strategy, because since the start of the year, we've bought back a significant amount of stock, and that has been for the first time.

謝謝你，Jeremy，也感謝各位今天早上加入我們。我將先談股東報酬與資本配置策略，因為自年初以來，我們首次回購了相當可觀的股票數量。

As we said in our release, thus far this year, we've repurchased about 2.6 million shares of our Class A common stock at an average price of about $14.50 per share, and that represents about 5% of our stock. Our stock currently continues to trade below levels of last year when we issued equity either directly in a stock issuance last summer or indirectly through our convertible notes last fall. We're also now generally trading on a forward basis in line with our met coal peers based on consensus estimates.

如同我們在新聞稿中所述，截至今年目前為止，我們已以每股約 14.50 美元的平均價格回購約 260 萬股 A 類普通股，約占我們流通股數的 5%。目前我們的股價仍低於去年我們發行股權時的水準，無論是去年夏天直接增發股票，或是去年秋天透過可轉換公司債間接發行。此外，依據市場共識預估，我們目前在前瞻基礎上的交易估值大致與同業冶金煤公司一致。

As a dual-platform company, we're currently seeing very little value in our stock price that reflects our rare earth or other critical mineral assets. Given that backdrop, we're going to continue to explore whether buying shares represents a prudent investment of our current cash capital.

作為雙平台公司，我們目前在股價中幾乎看不到反映稀土或其他關鍵礦物資產的價值。在此背景下，我們將持續評估回購股份是否為運用現有現金資本的審慎投資。

As of today, we've got about $63 million of additional buying power under the original $100 million authorization, which the Board provided last year. We also ended the first quarter with about $490 million in liquidity, which was up about 310% year-over-year. Our balance sheet is giving us lots of options to simultaneously consider continued share repurchases, advancing efforts at our Brook Mine, or growth efforts for our low-vol coals.

截至今天，在董事會去年核准的原始 1 億美元授權額度下，我們仍有約 6,300 萬美元的額外回購額度。我們第一季結束時的流動性約為 4.90 億美元，年增約 310%。我們的資產負債表提供了許多選項，使我們能同時考量持續回購股份、推進 Brook 礦場的工作，或推動低揮發分煤（low-vol）成長計畫。

In turning to the met coal business, we continued strong cost control in the same challenging market price conditions we've now endured for the past year. Our miss for this quarter has all been top line. This was the third consecutive quarter of cash costs, which were under $100 per ton. In the face of the rising diesel prices this year, we've managed to accomplish this cost discipline without cutting wages or benefits to our miners, which we regard as the most significant. I would note that on our mine cost, the conflict within Iran has had a related impact, of course, on oil pricing and has escalated the cost of all of our fuel products. We've seen rack pricing increase to as high as $5.45 a gallon across our operations, which is up from about $2.50 a gallon at the end of last year.

談到冶金煤業務，在過去一年我們所承受的同樣具挑戰性的市場價格環境下，我們仍持續維持強勁的成本控管。本季的落差完全來自營收端。這是連續第三季現金成本低於每噸 100 美元。面對今年柴油價格上漲，我們在不削減礦工薪資或福利的情況下達成此一成本紀律；我們認為這點最為重要。我也要指出，在礦山成本方面，伊朗境內的衝突當然對油價造成相關影響，並推升我們所有燃料產品的成本。我們看到各營運據點的槽車（rack）價格最高上升至每加侖 5.45 美元，較去年底約每加侖 2.50 美元大幅提高。

Based on our historical purchases and usage of diesel and gasoline, on an annualized basis, Ramaco realizes about $1.50 per ton of cost increase for each $1 per gallon of diesel fuel increase. This impacts not only direct mine costs, but indirectly through third-party transportation costs for both our raw and clean coal. While we're expecting fuel prices to ultimately subside sometime in the second half, at current levels, the impact on our mining cost is approximately $4 per ton when compared to earlier this year in 2026. Despite our continued solid operational performance, coal markets remain challenged, both in general and especially on pricing. Once again, especially on high-vol side. While high-vol prices rose modestly in the first quarter of 2026, we still view current indices as unsustainably weak.

根據我們過往柴油與汽油的採購與使用量，按年化計算，柴油每加侖上漲 1 美元，Ramaco 的成本約增加每噸 1.50 美元。這不僅影響直接的礦山成本，也會透過第三方運輸成本，間接影響我們的原煤與精煤運輸。雖然我們預期燃料價格最終會在下半年某個時間回落，但以目前水準來看，與 2026 年稍早相比，對我們採礦成本的影響約為每噸增加 4 美元。儘管我們持續維持穩健的營運表現，煤炭市場仍面臨挑戰，整體如此，尤其是價格面。再次強調，特別是在高揮發分（high-vol）方面。雖然 2026 年第一季高揮發分價格小幅上升，但我們仍認為目前指數水準弱得難以持續。

One important point that I would like to note, however, is regarding future pricing. We are finally beginning to see some long-anticipated drops in production, both domestically and overseas. We are witnessing everything from bankruptcies, production cutbacks, distressed sale processes, and in all these cases, they involve both large public and private producers.

不過，我想特別指出一個關於未來價格的重要觀察。我們終於開始看到市場期待已久的產量下滑，無論在美國國內或海外皆然。我們看到的情況包括破產、減產、困境出售流程等，而這些案例涵蓋大型上市與民營生產商。

By our estimates, almost 2 million tons came out of the domestic market in 2025. This year, we expect an additional roughly 3 million tons or more to follow. At some inflection point, these production cutbacks will create a supply imbalance, which will begin to impact pricing, we hope. Our growth plans relating to coal are all about the low-vol markets. Last quarter, we restarted our Laurel Fork Mine and will be adding an additional third section to our Berwind Mine this summer.

依我們估算，2025 年美國國內市場約減少了近 200 萬噸供給。今年我們預期還會再減少約 300 萬噸或更多。在某個轉折點，這些減產將造成供需失衡，並開始影響價格——我們希望如此。我們與煤炭相關的成長計畫，重點都放在低揮發分市場。上季我們重啟 Laurel Fork 礦場，並將於今年夏天在 Berwind 礦場新增第三個採掘區段。

At full production, these projects are expected to add about 100,000 tons-200,000 tons of low-vol in 2026 and about half million tons of production additionally in 2027. Our new rail loadout is under construction at our low-vol Maben complex and is expected to be complete later this year.

在滿產情況下，預期這些專案將於 2026 年增加約 10 萬至 20 萬噸低揮發分產量，並於 2027 年額外增加約 50 萬噸產量。我們位於低揮發分 Maben 綜合礦區的新鐵路裝車設施正在施工中，預計將於今年稍晚完工。

When it opens, we expect to save about $20 per ton on trucking costs. The load out, of course, gives us more options when we consider whether and when to start our Maben 1.5 million ton low-vol deep mine project as market conditions dictate. We've also been a bit quiet for the past few months on our rare earth element and critical minerals front. However, we have not been idle. I expect that in the second half, we will reflect and announce a number of milestones.

啟用後，我們預期可在卡車運輸成本上節省約每噸 20 美元。當然，該裝車設施也讓我們在評估是否以及何時依市場狀況啟動 Maben 年產 150 萬噸的低揮發分深部礦井專案時，擁有更多選項。過去幾個月，我們在稀土元素與關鍵礦物方面相對低調。然而，我們並未停下腳步。我預期在下半年，我們將回顧並宣布多項里程碑。

We have principally been waiting on receipt of the revised conceptual study from Hatch, which we expect in late June, as well as the technical geological report summary coming from Weir, which will follow. Both of these analyses are based on our new patent-pending carbochlorination processing technique.

我們主要一直在等待收到 Hatch 修訂後的概念性研究，我們預期將於 6 月下旬取得；此外，Weir 提供的技術地質報告摘要也將隨後送達。這兩項分析皆以我們新的、正在申請專利的碳氯化（carbochlorination）處理技術為基礎。

As we noted last quarter, our internal projections continue to estimate that this new flow sheet process should generate a material increase in incremental revenue and free cash flow. This is compared, of course, to our previously published projections by Fluor about a year ago using a different solvent extraction processing technique.

如同我們在上一季所提到的，我們的內部預測仍持續估計，這套新的流程圖（flow sheet）製程應可帶來增量營收與自由現金流的實質提升。當然，這是相較於約一年前 Fluor 以不同的溶劑萃取處理技術所發布的既有預測。

With new independent analysis for the carbochlorination flow sheet coming in focused, we've ramped up efforts regarding potential offtake transactions and non-dilutive third-party financings. I will not get into specifics today, but we will make specific disclosures when those transactions are hopefully complete.

隨著針對碳氯化流程圖的新獨立分析即將到位且更聚焦，我們已加大在潛在承購（offtake）交易與非稀釋性第三方融資方面的努力。我今天不會談及細節，但當這些交易希望完成時，我們將進行具體揭露。

Advanced discussions are continuing with both domestic and overseas groups, and these include both public and private counterparties. A further note, the subsequent more detailed preliminary feasibility study, also being prepared by Hatch, remains on track to be completed in late 2026.

我們與國內及海外團體的深入討論仍在持續，且對象同時包含公部門與民間的交易對手。另外補充一點：由 Hatch 編製、後續更為詳細的初步可行性研究（preliminary feasibility study）仍按計畫於 2026 年下半年完成。

Today in Wyoming, our building structure to house the pilot plant seems to be able to be completed this summer, and the fabricated interior equipment will start installation this fall, with full pilot operations starting in 2027, all as previously announced.

在懷俄明州，我們用以容納試驗工廠（pilot plant）的建築結構看來可於今年夏季完工；而製作完成的內部設備將於今年秋季開始安裝，並如先前公告，於 2027 年啟動完整的試驗運轉。

Last quarter, I also mentioned that we were exploring some reorganization options for Ramaco's overall corporate structure as we move further into our dual platform. This effort is largely in response to anticipating the startup of our critical mineral operations.

上一季我也提到，隨著我們進一步推進雙平台策略，我們正在探索 Ramaco 整體公司架構的一些重整選項。這項工作主要是因應我們預期關鍵礦物業務即將啟動。

We have now taken a number of concrete legal and accounting steps to move this forward and have formed separate corporate entities within a holding company structure currently under the parent Ramaco Resources.

我們目前已採取多項具體的法律與會計步驟來推動此事，並在目前隸屬於母公司 Ramaco Resources 的控股公司架構下，成立了各自獨立的公司實體。

One new company will be called Ramaco Royalty. This will house all our mineral reserve infrastructure, intellectual property rights, and other related income-producing assets. This will include our fee-owned reserves of both metallurgical and thermal coals, as well as our rare earth and critical minerals. Similarly, this entity will own our infrastructure assets in the East, such as our prep plants and rail loadouts.

其中一家新公司將命名為 Ramaco Royalty。該公司將持有我們所有的礦產儲量基礎設施、智慧財產權，以及其他相關的收益型資產。其中包括我們自有（fee-owned）的冶金煤與動力煤儲量，以及我們的稀土與關鍵礦物。同樣地，該實體也將持有我們在東部的基礎設施資產，例如選煤廠（prep plants）與鐵路裝載設施（rail loadouts）。

In the West, it will own our pre-FEED infrastructure related to the Brook Mine processing facility. It will also include any possible rail infrastructure, as well as the critical mineral and storage facility we have been working on with Goldman Sachs.

在西部，該公司將持有與 Brook 礦加工設施相關的 pre-FEED 基礎設施。亦將納入任何可能的鐵路基礎設施，以及我們與高盛（Goldman Sachs）合作推進的關鍵礦物與儲存設施。

To our knowledge, this will be a unique collection of income-producing assets, especially those relating to rare earths, which will provide us some optionality in the future. The second company will be Ramaco Critical Mineral Resources. This will house the production and sales operations of our Western Brook Mine rare earth critical minerals and thermal coal mining.

就我們所知，這將是一組獨特的收益型資產組合，尤其是與稀土相關的資產，未來可為我們提供一定的選擇權與彈性。第二家公司將是 Ramaco Critical Mineral Resources。該公司將承載我們西部 Brook 礦稀土關鍵礦物與動力煤採礦的生產與銷售營運。

Think of this as mirroring the same form of our existing met coal development, production, and sales operation in the East, except it will be exclusively focused on our Western critical minerals. The third company will be Ramaco Refining. This will hold the carbochlorination separation facilities, which will be constructed to process the Brook Mine critical mineral feedstocks into oxides and MREC.

可將其視為與我們在東部既有的冶金煤開發、生產與銷售營運採取相同形式的對應架構，只是將專注於我們西部的關鍵礦物。第三家公司將是 Ramaco Refining。該公司將持有碳氯化分離設施；該等設施將被建造，用以將 Brook 礦的關鍵礦物原料加工為氧化物及 MREC。

This reorganization is being taken to both ultimately enhance shareholder value and better reflect the different and distinct forms of assets and operations that we both currently have and are developing for the future. Each of these operations have different operating, financial, and capital market profiles, even though for the time being, they will all operate under the holding company structure of our parent, Ramaco Resources.

此次重整旨在最終提升股東價值，並更貼切地反映我們目前擁有、以及未來正在開發的不同且各自獨立的資產與營運型態。這些營運各自具有不同的營運、財務與資本市場特性；不過在目前階段，它們仍將全數在母公司 Ramaco Resources 的控股公司架構下運作。

Hopefully, this structure will provide more operational and financial flexibility as we develop different and separate production, processing, and sales businesses in both the met coal as well as the critical mineral space. We expect to have the pieces in place for this reorganization in the second half of the year. We'll also talk about it further at that point.

我們希望此架構能在我們於冶金煤與關鍵礦物領域發展不同且分離的生產、加工與銷售業務時，提供更大的營運與財務彈性。我們預期將於今年下半年完成此次重整所需的各項要素配置。屆時我們也會進一步說明。

With that, I'd like to turn the floor back over to the rest of the team to discuss finances and operations and markets. First, I'll ask Mike Woloschuk, who heads our critical mineral efforts, to provide some updates on our rare earth progress. Mike?

接下來，我想把時間交回給團隊其他成員，討論財務、營運與市場。首先，我會請負責我們關鍵礦物工作的 Mike Woloschuk，就稀土進展提供一些更新。Mike？

Well, thank you, Randy. In the Q1, we continued advancing the conceptual study for the carbochlorination flow sheet with Hatch. Our key engineering deliverables have been completed and issued in the quarter. The mineralized Brook Mine coal used as a key reagent in this process is estimated to be a significant contribution to rare earth element production as the enriched coal seams are targeted for this duty.

謝謝你，Randy。在第一季，我們持續與 Hatch 推進碳氯化流程圖的概念性研究。我們的關鍵工程交付成果已於本季完成並發布。作為此流程關鍵試劑的含礦化 Brook 礦煤，估計將對稀土元素產量做出顯著貢獻，因為富集煤層將被鎖定用於此用途。

We identified opportunities to increase chlorine recycling, and we have identified other opportunities that will be included in the final study report anticipated for late June. While we are continuing third-party metallurgical testing, we placed key analytical and equipment orders to fit out our internal geometallurgical laboratory at the iCAM facility. This will enable a higher volume of test work and assay results to be delivered with faster turnaround times compared to the external labs.

我們已找出提升氯回收再利用的機會，也辨識出其他機會，將納入預計於 6 月下旬完成的最終研究報告。在我們持續進行第三方冶金測試的同時，我們已下達關鍵分析與設備訂單，以完善 iCAM 設施內部的地球冶金（geometallurgical）實驗室。這將使我們能以更高的測試量產出測試工作與化驗（assay）結果，且相較外部實驗室可更快周轉。

We anticipate internal geometallurgical testing to ramp up in early Q2 to support the next phases of this project. In Q1, we completed drilling of 33 holes with over 9,300 feet of core. These drill programs include 27 infill drill holes and six water monitoring holes. We currently have four drill rigs on site, and we anticipate drilling to continue to year-end. In total, we now have drilled 174 holes and 35,000 feet of core since our program started.

我們預期內部地球冶金測試將於第二季初加速展開，以支援本專案的下一階段。第一季我們完成 33 個鑽孔，取得超過 9,300 英尺的岩心。這些鑽探計畫包含 27 個加密鑽孔（infill drill holes）與 6 個水文監測孔。目前現場有 4 部鑽機，我們預期鑽探將持續至年底。自計畫開始以來，我們累計已鑽探 174 個孔並取得 35,000 英尺的岩心。

Pilot plant building construction activities included completion of the foundation systems to support the floor slab with the overall building expected to be complete late summer and early fall. Our coal storage facility construction is included, completion of the foundation, the stem walls, and lateral reinforced tension members. The overall structure is expected to be completed this month.

試驗工廠建築施工活動包括完成支撐地坪板（floor slab）的基礎系統，整體建築預計於夏末至初秋完工。我們的煤炭儲存設施施工亦已納入，並完成基礎、矮牆（stem walls）以及側向加固拉力構件。整體結構預計於本月完成。

Overall, we remain extremely excited about the Brook Mine opportunity with the carbochlorination flow sheet. We will, of course, be in a position to discuss more about that once we have receipt of the Hatch and Weir reports expected shortly. Our overall timeline remains the same as we have previously disclosed. In the second half of this year, we look forward to making meaningful progress on both completing the pilot plant build-out, along with the pre-feasibility study.

整體而言，我們對 Brook 礦結合碳氯化流程圖的機會仍感到非常振奮。當然，一旦我們收到預期不久將送達的 Hatch 與 Weir 報告，我們就能就此進一步討論。我們的整體時程仍與先前揭露一致。在今年下半年，我們期待在完成試驗工廠建置，以及推進預可行性研究方面取得具體進展。

I would like to now turn the call over to our Chief Financial Officer, Jeremy Sussman.

我現在想把電話會議交給我們的財務長 Jeremy Sussman。

Thank you, Mike. Starting with the balance sheet, I'm pleased to note that our record year-end 2025 liquidity allowed us to opportunistically repurchase $37 million worth of shares since the beginning of this year. This effectively reduces our shares outstanding by 2.5 million shares.

謝謝你，Mike。先從資產負債表談起，我很高興指出，我們在 2025 年底創紀錄的流動性，使我們得以自今年年初以來把握時機回購價值 3,700 萬美元的股份。這使我們的流通在外股數有效減少 250 萬股。

As Randy noted, as long as we believe that our stock remains substantially undervalued, we will continue to look to opportunistically repurchase shares to our advantage. We ended Q1 with one of the strongest balance sheets in the space, with almost $500 million in liquidity. In terms of first quarter performance, as Chris will discuss, operational results were again solid with cash costs per ton sold of $98. All of our primary peers have now reported Q1 results.

正如Randy所指出的，只要我們相信公司股票仍被大幅低估，我們就會持續把握機會回購股份，以利於公司。我們在第一季末擁有同業中最強勁的資產負債表之一，流動性接近5億美元。就第一季表現而言，正如Chris將會說明，我們的營運成果再次穩健，每售出一噸的現金成本為98美元。我們所有主要同業目前都已公布第一季業績。

I'm proud to note that our cash costs of $98 per ton continue to be in the first quartile of the US cash cost curve among our Central Appalachian met coal peers. This figure is especially impressive considering the dual impact of higher diesel costs, coupled with the weather-related transportation issues that negatively impacted our overall sales figures by more than 50,000 tons in the first quarter. Q1 cash margins of $16 per ton fell from $24 per ton in the same period of 2025. This was due to lower realized prices of $114 per ton, compared to $122 per ton in Q1 of 2025. As Jason will discuss, domestic high-vol markets remain weak.

我很自豪地指出，我們每噸98美元的現金成本，持續位於美國中阿帕拉契亞冶金煤同業的現金成本曲線第一四分位。考量到柴油成本上升的雙重影響，以及天候造成的運輸問題在第一季使我們整體銷售量減少超過50,000噸，這個數字尤其令人印象深刻。第一季每噸現金毛利為16美元，低於2025年同期的每噸24美元。主因為實現價格為每噸114美元，低於2025年第一季的每噸122美元。正如Jason將會說明，國內高揮發份市場仍然疲弱。

Despite Australian benchmark pricing improving $50 per ton year-on-year in Q1 of 2026, US high-vol indices declined to $20 per ton during that same timeframe. Frankly, we view this trend as unsustainable given the level of losses we are seeing among higher cost producers. Our Q1 production fell modestly from the same period as last year, as we continue to exercise production discipline in the face of challenging market conditions.

儘管2026年第一季澳洲基準價格年增每噸50美元，美國高揮發份指數在同一期間卻下滑至每噸20美元。坦白說，鑑於我們看到高成本生產商出現的虧損程度，我們認為這一趨勢難以持續。由於在艱困的市場環境下我們持續維持產量紀律，第一季產量較去年同期小幅下降。

In terms of our financial results, Q1 adjusted EBITDA was -$1.8 million, compared to $10 million in Q1 of 2025. Class A EPS showed a $0.30 loss in Q1 versus a $0.19 loss in the same period of last year. Looking forward, we are reiterating all key 2026 operational guidance, including production, tons sold, and cash costs.

就財務結果而言，第一季調整後EBITDA為-180萬美元，相較於2025年第一季的1,000萬美元。A類每股盈餘（EPS）在第一季為虧損0.30美元，去年同期為虧損0.19美元。展望未來，我們重申2026年所有關鍵營運指引，包括產量、銷售噸數與現金成本。

In terms of second quarter 2026 guidance, we anticipate higher shipments between 900,000 tons and 1 million tons. We expect cash costs towards the higher end of the full year range for the second quarter on the back of elevated fuel costs due to the Iranian conflict.

就2026年第二季指引而言，我們預期出貨量將提高至90萬噸至100萬噸之間。受伊朗衝突導致燃料成本居高不下影響，我們預期第二季現金成本將落在全年區間的較高端。

As we look ahead, our strong balance sheet and first quartile cash cost position provide us with meaningful optionality to both invest in our coal and rare earth elements business, while also allowing us to continue to opportunistically repurchase shares. As of March 31, we had over 1 million tons sitting in the inventory, which will provide us with a meaningful working capital tailwind should markets improve throughout the year as we anticipate.

展望未來，我們強勁的資產負債表與第一四分位的現金成本位置，為我們提供了重要的選擇權：既可投資於煤炭與稀土元素業務，也能持續把握機會回購股份。截至3月31日，我們庫存中有超過100萬噸，若市場如我們預期在今年內改善，這將為我們帶來顯著的營運資金順風。

With that said, I'd now like to turn the call back to Chris Blanchard, our EVP for Mine Planning and Development.

話說到這裡，我想把電話會議交回給我們的礦山規劃與開發執行副總裁Chris Blanchard。

Thanks, Jeremy. Before jumping into some of our operational metrics and progress over the last few months, I wanted to recognize our coal miners for their significant improvements in safety and compliance in 2026 compared to the same period last year.

謝謝你，Jeremy。在談到過去幾個月的一些營運指標與進展之前，我想先肯定我們的煤礦工人：相較去年同期，2026年在安全與合規方面有顯著改善。

While we still have much work to do towards an ultimate goal of zero incidents, 2026 year-to-date performance has improved by 250% compared to the same period in 2025, and is back on a trajectory of continuous improvement that we have had for most of our history. In these challenging market conditions, it does remind us that a safe mine is a productive mine, and productive mines tend to be lower cost as well.

雖然距離最終「零事故」的目標仍有許多工作要做，但2026年迄今的表現相較2025年同期改善了250%，並回到我們在大部分歷史期間所維持的持續改善軌道上。在這樣艱困的市場環境下，這也提醒我們：安全的礦場才是高產能的礦場，而高產能的礦場往往也具有較低成本。

Turning to those performance metrics, we have been able to maintain acceptable cash costs at our operation despite headwinds on our operating supply costs. Specifically, the run-up in the cost of diesel fuel driven by the Iranian conflict has impacted first quarter costs negatively by approximately $1.50 per ton sold compared to where we otherwise would have been. While fuel prices have pulled back from peak levels, they do remain elevated compared to the beginning of the year, and we continue to monitor this closely.

回到這些績效指標，儘管營運物資成本面臨逆風，我們仍能在營運上維持可接受的現金成本。具體而言，伊朗衝突推升柴油燃料成本，使第一季成本相較原本水準每售出一噸約增加1.50美元的負面影響。雖然燃料價格已自高點回落，但相較年初仍處於高位，我們將持續密切監控。

Also, on the supply side, raw tungsten pricing is up by approximately 350% in 2026 on Chinese export controls. This has led to nearly a 100% increase in the cost of our mining bits and tools, which particularly impacts our underground mines. We're continuing to work with our key suppliers to mitigate these cost increases and others whenever possible.

此外，在供應端方面，受中國出口管制影響，2026年原鎢價格上漲約350%。這使我們的採礦鑽頭與工具成本幾乎增加100%，對地下礦的影響尤其明顯。我們正持續與主要供應商合作，盡可能緩解這些以及其他成本上升。

Given the poor coal pricing environment on the high-vol side of the business, we have moderated production from our Elk Creek Complex to both manage physical inventory and to not produce additional tons into a marginal market.

鑑於業務中高揮發份煤的定價環境不佳，我們已降低Elk Creek Complex的產量，以同時管理實體庫存，並避免在邊際市場中生產更多噸數。

We are continuing to monitor the market conditions and may make further reductions throughout the year if they are warranted. However, at our low-vol operations, we continue to work to add new low-cost production and lower our existing operating costs there. At the Berwind Complex, the first of two new air shafts is nearing completion into our Berwind P4 mine. The second shaft will be excavated immediately following the first, and we expect both shafts online and in operation by late August.

我們將持續監控市場狀況，若有必要，可能在今年內進一步減產。然而，在低揮發份營運方面，我們仍持續努力新增低成本產能，並降低既有營運成本。在Berwind Complex，兩座新通風井中的第一座已接近完工，將通往我們的Berwind P4礦。第二座通風井將在第一座完成後立即開挖，我們預期兩座通風井將於8月下旬上線並投入運作。

This ventilation upgrade will then allow us to ramp the Berwind mine with another full super section and push this mine's production up to 900,000 to 1 million clean tons annually. While this ventilation work is still ongoing, during April, we brought online our idled Laurel Fork low-vol mine. The ramp-up of this single-section mine is continuing and is on budget currently.

此通風升級將使我們能在Berwind礦再增加一個完整的超級採煤工作面，並將該礦年產量提升至90萬至100萬淨噸。在通風工程仍進行之際，我們於4月讓先前停置的Laurel Fork低揮發份礦重新投產。這座單一工作面的礦場正在持續爬坡增產，目前仍在預算內。

Switching to our Maben low-vol complex, we have initiated the Norfolk Southern rail load-out project. All major materials are procured and excavation for the load-out belts is already underway. We expect the unit train load-out to be fully operational in the fourth quarter of 2026, fully eliminating all trucking logistics costs from our Maben mine and lowering projected cash costs in the rail car to the same low levels as the rest of Ramaco's mines.

轉到我們的Maben低揮發份礦區，我們已啟動Norfolk Southern鐵路裝車（load-out）專案。所有主要材料均已採購到位，裝車輸送帶的開挖工程也已展開。我們預期單元列車裝車系統將於2026年第四季全面投入運作，屆時將完全消除Maben礦的所有卡車物流成本，並把預估的現金成本（以鐵路車皮計）降至與Ramaco其他礦場同樣的低水準。

This should also allow the Maben product to move more easily into the domestic metallurgical coal markets as we contract for 2027. Work continues at Maben on permitting and initial development work for the future underground mines planned for this complex.

這也應可讓Maben產品在我們簽訂2027年合約時，更容易進入國內冶金煤市場。Maben方面也持續進行許可申請與該礦區未來規劃地下礦的初期開發工作。

Moving forward, we are continuing to focus on those items which we have some ability to control, namely volume and costs. We're positioning ourselves to quickly capitalize on market improvements or shortfalls by other producers.

展望未來，我們將持續聚焦於我們有一定控制能力的事項，也就是產量與成本。我們正讓自己處於有利位置，以便在市場改善或其他生產商出現供給缺口時，能迅速把握機會。

For a discussion of the coal and critical mineral markets, I would now like to shift the call to Jason Fannin, Chief Commercial Officer.

接下來關於煤炭與關鍵礦物市場的討論，我想把電話會議交給首席商務長Jason Fannin。

Thanks, Chris. Good morning, everyone. Today, I'll discuss our Q1 sales results, provide an update on our 2026 met coal sales position and market outlook, and lastly, cover our Brook Mine critical minerals marketing efforts and progress.

謝謝你，Chris。各位早安。今天我將討論我們第一季的銷售結果，更新我們 2026 年冶金煤銷售部位與市場展望，最後說明我們 Brook 礦山關鍵礦物的行銷推進與進度。

Regarding the seaborne metallurgical coal markets, I first want to address Q1 indices and pricing dynamics. Our realized pricing in Q1 was marginally lower quarter-over-quarter, despite benchmark indices broadly moving higher. The explanation is straightforward, and it comes down to two things: which geographies and indices our book was sold into and against, and a set of non-recurring operational headwinds.

關於海運冶金煤市場，我首先想談第一季的指數與定價動態。儘管基準指數整體走高，我們第一季的實現售價較前一季略為下降。原因很直接，主要有兩點：我們的銷售組合賣到哪些地區、對應哪些指數，以及一系列一次性的營運逆風。

On the index side, although the PLV headline number rose 17% in Q1, the relevant benchmarks for the majority of our export tonnage increased only about 6% quarter-over-quarter. These were sales against the US high-vol indices, which today are about 35% lower than the PLV index and remain heavily deviated from their historical relativities to PLV.

就指數面而言，雖然第一季 PLV 的表面數字上升了 17%，但我們大多數出口噸數所對應的相關基準指數，季比僅上升約 6%。這些是以美國高揮發分指數定價的銷售；目前該指數約比 PLV 指數低 35%，且仍明顯偏離其與 PLV 的歷史相對關係。

Another 25% of our Q1 sales were domestic shipments of high-volatile coal, with pricing, of course, down year-over-year about 8.5%. 55% of our Q1 exports went to Asia, which is the highest proportion in company history. PLV-linked business represent only about 15% of our overall Q1 volumes because a large PLV-linked shipment representing another 6% of overall Q1 volume slipped into early Q2 due to weather-related logistics backlogs. Increased shipments against PLV-linked contracts in Q2 should benefit export realizations versus Q1.

另外，我們第一季銷售中有 25% 為高揮發分煤的國內出貨，當然其價格年比下跌約 8.5%。第一季出口中有 55% 流向亞洲，為公司史上最高占比。由於一筆以 PLV 連結的大型出貨（約占第一季總量另 6%）因天候造成的物流積壓而延至第二季初，第一季整體量中 PLV 連結業務僅約占 15%。第二季在 PLV 連結合約下的出貨增加，應可使出口實現價格相較第一季受益。

On the operational side, severe weather disruptions to both CSX and Norfolk Southern rail networks in January and February impacted our ability to make timely planned coal deliveries, particularly some higher-priced domestic specialty orders, which slipped into Q2. Also for Q2, we expect increased overall shipment volumes with our Great Lakes business now fully flowing and the normalization of the rail and weather-related disruptions that impacted Q1 execution.

在營運面，1 月與 2 月的惡劣天候對 CSX 與 Norfolk Southern 兩大鐵路網造成干擾，影響我們按計畫及時交付煤炭的能力，尤其是部分價格較高的國內特殊訂單，已順延至第二季。同樣在第二季，隨著我們的大湖區業務現已全面順暢運作，以及第一季受鐵路與天候干擾的情況正常化，我們預期整體出貨量將增加。

On pricing for Q2, we expect to move about 70%-75% of committed volumes to the seaborne market, with about 25% of export tons priced off the PLV index. Another 25% on a fixed pricing basis and the remaining seaborne volumes roughly evenly split and priced against the US low-vol and the US high-vol indices, respectively.

就第二季定價而言，我們預期約 70%–75% 的已承諾量將銷往海運市場，其中約 25% 的出口噸數將以 PLV 指數定價。另有 25% 採固定價格，其餘海運量則大致平均分配，分別以美國低揮發分與美國高揮發分指數定價。

Turning to our overall 2026 sales position, we have now secured commitments for a total of 3.5 million tons, which represents about 90% of our planned annual production at the midpoint. Domestic customers account for 1.1 million tons at an average fixed price of $138 per ton. Export commitments total 2.4 million tons, comprised of 1 million tons at an average fixed price of $107 per ton and 1.4 million tons on index-linked pricing mechanisms. As of the end of Q1, we had shipped about 650,000 tons of our annual index-based business and had about 1.75 million tons remaining to price. As we look ahead to the second half of 2026, we are optimistic about an improved market environment for met coal.

談到我們整體 2026 年的銷售部位，我們目前已取得合計 350 萬噸的承諾，約相當於我們計畫年產量（以中位數計）的 90%。國內客戶占 110 萬噸，平均固定價格為每噸 138 美元。出口承諾合計 240 萬噸，其中 100 萬噸為平均每噸 107 美元的固定價格，另 140 萬噸採指數連結定價機制。截至第一季末，我們已出貨約 65 萬噸的年度指數計價業務，尚有約 175 萬噸待定價。展望 2026 年下半年，我們對冶金煤市場環境改善持樂觀態度。

On the demand side, protectionist policies in the US and Europe have lifted steel prices and increased hot metal output. While India's 2026 crude steel production is projected to increase 8%-9% year-over-year. In one of the most constructive developments for seaborne coking coal demand in some time, China's steel exports have fallen nearly 10% through April on a year-over-year basis. If that moderation proves durable, it will lend considerable support to global steel prices and blast furnace mill margins.

在需求面，美國與歐洲的保護主義政策推升鋼價並提高鐵水產量。同時，印度 2026 年粗鋼產量預估年增 8%–9%。在一段時間以來對海運焦煤需求最具建設性的發展之一是，中國鋼材出口截至 4 月年比下滑近 10%。若此降溫趨勢能持續，將對全球鋼價與高爐鋼廠利潤率提供相當支撐。

On the supply side, we expect high-vol coking coal production to continue to contract throughout the year, which should narrow the wide disparity between US high-vol indices and Australian indices. Randy and Jeremy have already pointed to a number of Appalachian and Australian producers who have either gone into bankruptcy, curtailed productions, or placed some sales for sale.

在供給面，我們預期高揮發分焦煤產量將在全年持續收縮，這應可縮小美國高揮發分指數與澳洲指數之間的巨大落差。Randy 和 Jeremy 已指出，多家阿帕拉契亞與澳洲的生產商不是已申請破產、縮減產量，就是將部分資產掛牌出售。

As the year plays out, this expected supply contraction will have an impact. Specifically regarding Australia, we believe current PLV levels are not only sustainable but have further upside as the year goes on. This is set against the backdrop of limited capital investment, high royalty taxes, and continued production issues and interruptions alongside strengthening global steel markets.

隨著今年進展，這種預期的供給收縮將產生影響。就澳洲而言，我們認為目前的 PLV 水準不僅可持續，且隨著年度推進仍有進一步上行空間。其背景包括資本投資有限、權利金稅負偏高、持續的生產問題與中斷，以及全球鋼鐵市場走強。

Moving to our Brook Mine, we continue to advance our critical minerals marketing program with increasing momentum. Our expanded marketing team is actively engaging potential customers and partners in the US and overseas across the full Brook Mine product portfolio. We hope to announce various counterparty MOU transactions this coming quarter. As we generate additional lab scale and pilot scale material in 2027, we expect these MOU frameworks to evolve toward formal commercial agreements.

接著談 Brook 礦山，我們持續推進關鍵礦物行銷計畫，動能日益增強。我們擴編後的行銷團隊正積極在美國及海外，針對 Brook 礦山全產品組合與潛在客戶及合作夥伴接洽。我們希望在接下來這一季宣布多項與交易對手簽署的 MOU 交易。隨著我們在 2027 年產出更多實驗室規模與中試規模材料，我們預期這些 MOU 架構將逐步演進為正式的商業協議。

With that, I'll turn it back over to the operator for the Q&A portion of the call. Operator?

接下來我把時間交還給主持人，進入本次電話會議的問答環節。主持人？

(Operator Instructions) Brian Lee, Goldman Sachs.

(主持人指示) Brian Lee，高盛。

Hey, guys, this is Tyler Bisset for Brian. Thanks for taking our questions. Appreciate all the color on the impact from the higher cost on the coal side. You know, as you think out for the rest of the year, presumably you are bringing back online some higher cost operations. How do you think about your cost trends in the back half of the year? Can you just kind of walk us through some of the puts and takes there?

各位好，我是 Tyler Bisset，代替 Brian。謝謝你們回答我們的問題。也很感謝你們詳細說明煤炭端成本上升的影響。你知道，當你們展望今年剩餘時間，推測你們會讓一些成本較高的作業重新上線。你們如何看待下半年成本趨勢？能否帶我們梳理一下其中的利多與利空因素？

Chris, why don't you handle that? Brian, I mean, I think effectively what we're bringing back online at the Berwind Mine is not necessarily what I would describe as a high-cost operation. It's actually one of our better cost products. Chris, why don't you go into a little bit more granularity?

Chris，你來回答一下好嗎？Brian，我的意思是，我認為我們在 Berwind 礦山重新上線的部分，未必是我會形容為高成本的作業。它其實是我們成本表現較好的產品之一。Chris，你能再更細緻地說明一下嗎？

Yeah. Obviously last year we did idle the Laurel Fork Mine, which is the one that we've restarted in April.

好的。顯然去年我們確實讓 Laurel Fork 礦山停產，而我們已在 4 月重新啟動該礦。

It is only being restarted until the ventilation work I was describing is completed at the Berwind Mine. We're using it as a staging ground to hire the workforce that will then be transferred over to Berwind so that we don't have to experience the same ramp up in production and hiring at Berwind that we normally would if we waited till September to start that section. We would have that normal incremental, while you've got the lower production ramp up at Berwind, we're just choosing to take that in advance. It's a relatively small amount of tons that Laurel Fork will produce over April through August. Don't view that as impacting the cost probably more than $1 overall on the low-ball side of the business.

它只會重啟到我先前所描述、在 Berwind 礦山的通風工程完成為止。我們把它當作一個前置基地，用來招募之後會轉調到 Berwind 的人力，這樣我們就不必在 Berwind 經歷通常會有的同樣產量爬坡與招募爬坡；若我們等到 9 月才啟動該區段，通常就會遇到那種情況。也就是說，當 Berwind 仍處於較低產量的爬坡期時，原本會有正常的增量影響；我們只是選擇提前承擔。Laurel Fork 在 4 月到 8 月期間的產量噸數相對不大。我不認為這會對成本造成影響，整體在業務低端的影響大概不會超過 1 美元。

Ultimately, when Berwind starts, that mine has historically been one of our lowest cost producers in the portfolio.

最終而言，當 Berwind 開始運作時，該礦在歷史上一直是我們投資組合中成本最低的生產者之一。

Awesome. Super helpful. On the sales commitments, I know these represent about 90% of your production midpoint of guidance, but it's just 80% of the midpoint of your sales guidance. What gives you confidence that you can book these incremental volumes to meet your sales guidance for the year? I guess, again, what are some of the puts and takes here through the balance of the year?

太棒了。非常有幫助。關於銷售承諾，我知道這些約占你們產量指引中位數的 90%，但只占你們銷售指引中位數的 80%。是什麼讓你們有信心能夠簽下這些增量銷量，以達成今年的銷售指引？我想再問一次，今年剩餘期間有哪些因素的拉鋸與取捨？

Sure. Jason, you want to take that?

當然。Jason，你要回答這題嗎？

Yeah, sure. Yes. Tyler, this is Jason. Yeah, certainly we're seeing demand start to pick up already here, and I think it's a lot of that's just on the back of the the various geographies, steel markets improving. You know, certainly Europe, we've seen some changes, more incremental demand there. You know, we're quite confident here in what we're seeing not coming out of China as far as the demand we're starting to see, into the Pacific, particularly we talked about the Maben load-out firing up. We've actually got our first cargo of Maben going seaborne this quarter, into the Pacific against PLV. You know, I think I'm both the high-vol and the low-vol sides there.

好，當然。是的。Tyler，我是 Jason。是的，確實我們已經看到需求開始回升，我認為很大一部分是因為各地區的鋼鐵市場正在改善。你知道，尤其是歐洲，我們看到一些變化，那邊有更多的增量需求。你知道，對於我們目前看到的、非來自中國的需求回升，我們相當有信心；在太平洋市場的需求也開始浮現，特別是我們談到的 Maben 裝船設施重新啟動。我們本季其實已經有第一批 Maben 貨載走海運，運往太平洋市場，對應 PLV。你知道，我想我同時涵蓋高揮發與低揮發兩端的情況。

Again, we're being prudent with the high-vol, but we're seeing demand start to pick up. You know, we just got to be smart about the pricing.

再說一次，我們在高揮發煤方面保持審慎，但我們確實看到需求開始回升。你知道，我們只是得在定價上更精明。

All right. Thank you. I'll turn it over.

好的。謝謝。我把時間交回去。

Thanks, Brian.

謝謝，Brian。

Jeff Grampp, Northland Capital Markets.

Northland Capital Markets 的 Jeff Grampp。

Morning, all. Thanks for the time. I was curious as it relates to potential offtake agreements or MOUs at Brook. I know you guys can't get into the too much today, but curious if there's any particular products that are gaining more interest versus others that you think are more actionable in the near term. Thanks.

各位早安。謝謝撥冗。我想請教與 Brook 潛在包銷（offtake）協議或備忘錄（MOU）相關的進展。我知道你們今天不方便談太多細節，但想了解是否有某些特定產品相較其他產品更受關注、且你們認為短期內更具可執行性。謝謝。

Yeah. I, of course, as I said earlier, I don't want to tempt fate and get into too much specifics, but I mean, I would say that the products in general that a number of our potential customers are focused on are gallium and scandium. We were actually relatively pleased by the interest that we've gotten on scandium since that's been a subject of some criticism of our portfolio in the past.

是的。當然，如我先前所說，我不想太早下定論、也不想談得過於具體；但我會說，整體而言，我們一些潛在客戶目前聚焦的產品是鎵（gallium）與鈧（scandium）。其實我們對於鈧所獲得的興趣相對感到滿意，因為過去鈧曾是我們投資組合遭受一些批評的議題。

Got it. Appreciate that. For my follow-up given the strong balance sheet that you guys have here, I'm wondering your thoughts on M&A and maybe even bifurcating that in terms of potential on the met coal side, given some of the kind of near-term distress, and then if there's anything on the critical minerals reserve side that might be interesting.

了解。感謝分享。我的追問是，鑑於你們目前資產負債表相當強健，我想請教你們對併購（M&A）的看法；也許可以拆開來談：一方面是冶金煤（met coal）端，考量到近期一些短期的困境；另一方面是關鍵礦物資源儲量端，是否有任何可能有趣的機會。

Sure. As I've kind of quipped before on M&A, we're not too fond of the M, but we're happy to look at the A. You know, we've opportunistically as part of, frankly, our DNA, done acquisitions, particularly of reserves that we felt were able to be opportunistically acquired. We bought a large portfolio from Coronado here several months ago. We've done other purchases of similar note over the years.

當然。關於併購，我之前開玩笑說過：我們不太喜歡「併」（M），但很樂意看看「購」（A）。你知道，作為我們的 DNA 一部分，我們一直會機會性地進行收購，特別是那些我們認為能以有利時點取得的儲量資產。幾個月前我們才從 Coronado 買了一大組資產組合。多年來我們也做過其他類似的重要收購。

I think it's becoming a more target-rich environment if you will call it that. We are certainly out there looking. Again, if we see anything that seems to make sense, we'll pull the trigger. Again, assuming we can get it at an opportunistic price, and the market conditions today would seem to dictate that, there may be a few things that you could pick up, on an advantage basis.

我認為如果你要這麼說的話，現在正變成一個「標的更豐富」的環境。我們確實正在市場上積極尋找。同樣地，如果看到任何看起來合理的機會，我們就會扣下扳機。當然前提是我們能以具機會性的價格買到；而以今天的市場狀況來看，似乎確實可能有一些東西可以用相對有利的條件入手。

All right. Understood. Appreciate those comments. We'll stay tuned.

好的。了解。感謝這些評論。我們會持續關注。

Thank you.

謝謝。

Davis Sunderland, Baird.

Baird 的 Davis Sunderland。

Hey, good morning, guys. Thank you very much for the time, and thank you for taking our questions. Maybe you two for me. First, I know earlier this year, you guys talked a bit about some backlogs at the national labs and some of the other third-party testing sites. I just wondered if these have improved, worsened, stayed the same, or any other thoughts you could provide on outlook for this for the balance of the year. Then I have one follow-up.

各位早安。非常感謝撥冗，也謝謝你們回答我們的問題。我有兩個問題。第一個是，我知道今年稍早你們提到國家實驗室以及其他第三方測試機構有一些積壓。我想了解這些情況是改善、惡化、維持不變，或是你們對今年剩餘期間的展望還有任何可補充的看法。之後我還有一個追問。

Sure. Well, I'm going to let Mike go into granular detail, but one rather important thing is we're now starting to onboard testing to our own facilities out at our research facility in Wyoming. I'm hopeful that as we get certainly more space out there, we will then be able to do a lot of the at least initial testing work ourselves out in Wyoming. Of course, once we get the pilot facility up and at 'em, then we'll be doing a great deal of testing. As far as third-party groups, Mike, why don't you comment on that?

當然。我會讓 Mike 談更細的內容，但有一件相當重要的事是：我們現在開始把測試導入我們自己在懷俄明州的研發設施。我希望隨著那邊空間進一步擴充，我們至少能在懷俄明州自行完成許多初步測試工作。當然，一旦我們的中試（pilot）設施建好並開始運轉，我們就會進行大量測試。至於第三方機構，Mike，你來評論一下好嗎？

Look, it's still persisted as a challenge. I think there's a lot of activity happening in critical minerals domestically and the labs are full. You know, we identified this a couple of quarters ago and therefore, fitting out our own labs.

你看，這仍然是一項持續存在的挑戰。我認為國內關鍵礦物領域有很多活動在進行，實驗室都滿載。我們在幾個季度前就辨識到這點，因此也在建置我們自己的實驗室。

Doing our own testing, and I think that'll alleviate some of the challenges that the entire industry is facing with regards to lab capacity.

自行進行測試，我認為這將有助於緩解整個產業在實驗室產能方面所面臨的一些挑戰。

Super helpful, and thank you both for that. Maybe my second one, again, fully acknowledge that more details are later to come this year. Maybe for you, Randy, just wondering if you could talk a bit more about the strategy or the rationale maybe to break things down in this reorganization the way that you did, maybe why you're doing it by assets versus by products or, just any other thoughts on this specific methodology would be helpful. Thank you guys very much.

非常有幫助，也謝謝兩位。第二個問題是，我也完全理解今年稍晚會有更多細節。Randy，想請你再多談一些這次重組的策略或理由：例如為什麼你們選擇按資產而不是按產品來拆分，或是任何你對這個特定方法論的其他想法都會很有幫助。非常感謝。

Sure. You bet. I mean, as we started down this process of really having sort of a dual platform with two different critical minerals coal is now a critical mineral as well, of course. The rare earths and their adjacent critical minerals obviously are viewed in an entirely different light than the coal business. Needless to say, if you go back and look at publicly traded companies in the rare earth space, they traded at a slightly different multiple than coal companies. I think ultimately at some point it would make sense to be able to unlock the value that we have in our various assets so that they could be ultimately separately valued in the marketplace as opposed to being in sort of a more conglomerate structure.

當然。沒問題。我的意思是，當我們開始走這個流程、真正形成某種雙平台架構時——兩種不同的關鍵礦物（當然，煤現在也是關鍵礦物）。稀土及其相鄰的關鍵礦物，顯然在市場眼中與煤炭業務是完全不同的。不用說，如果你回頭看稀土領域的上市公司，它們的交易倍數與煤炭公司略有不同。我認為最終在某個時間點，能夠釋放我們各項資產的價值會是合理的，讓它們在市場上能被分別估值，而不是置於較偏向綜合企業（conglomerate）的架構之下。

You know, growing up, I looked at a lot of conglomerates, and I remembered they were very complicated, as of course, for analysts to be able to follow because they're completely different businesses in many cases. Even though all of our business are somewhat mining related, certainly the processing aspects of the rare earth business are completely different than anything associated with the coal industry. The other thing, which is pretty unique, of course, is we, unlike a lot of other companies, have a pretty substantial amount of reserve assets both in the coal as well as in the rare earth space.

你知道，成長過程中，我看過很多企業集團（conglomerates），我記得它們非常複雜，當然也讓分析師很難追蹤，因為在很多情況下，它們完全是不同的業務。即使我們所有業務都多少與採礦相關，但稀土業務的加工環節，確實與任何與煤炭產業相關的事情都完全不同。另外一點，當然也相當獨特的是，我們不像許多其他公司，在煤炭以及稀土領域都擁有相當可觀的儲量資產。

I mean, we've got a huge reserve base out in Wyoming. There are, frankly, not very many entities out there that will be able to show sort of an income stream coming from unique assets like the coal and rare earth combined. We think at some point, although we trade now in sort of our B-Stock in similar fashion, we expect at some point to probably be able to sort of drop down many of the infrastructure assets that we've got in both the East and the West into this platform, and it could be a very compelling royalty play. That's kind of the thinking, certainly on that particular aspect of it. The refinery business, very different business, of course, trades at different multiples. It's more of a commoditized business.

我的意思是，我們在懷俄明州擁有龐大的儲量基礎。坦白說，市場上能夠展示由煤炭與稀土這類獨特資產組合所帶來收益流的主體並不多。我們認為在某個時間點，雖然我們目前的交易方式在某種程度上與我們的B股（B-Stock）類似，但我們預期未來某個時候，可能可以把我們在東部與西部的許多基礎設施資產下放（drop down）到這個平台中，而這可能會是一個非常有吸引力的權利金（royalty）投資標的。這大概就是我們在那個特定面向上的思考。當然，煉油業務是非常不同的業務，交易估值倍數也不同。它更偏向商品化（commoditized）的業務。

Certainly from a CapEx standpoint, that'll be the highest ticket of all of our development efforts. We won't have the numbers nailed down until we publish something independently from Hatch later next month. You can assume that a rare earth processing facility is a high-ticket capital expenditure. Then, of course the mining and sales aspects that we'll do out West will again be very similar in concept and conduct to what we do out East. I think we'll have an interesting blend of different entities. We don't have any specific plans at this point other than getting everything sort of set up and put into separate categories and separate entities.

當然，從資本支出（CapEx）的角度來看，那將是我們所有開發工作中金額最高的一項。在我們下個月稍晚由Hatch獨立發布報告之前，我們還無法把數字完全敲定。你可以假設稀土加工設施是一項高額的資本支出。然後，當然，我們在西部將進行的採礦與銷售環節，在概念與執行上又會非常類似於我們在東部所做的事情。我認為我們會有一個由不同實體組成的有趣組合。目前我們沒有任何具體計畫，除了把所有事情先建立好，並分到不同類別與不同實體之中。

That then provides us the optionality to decide later on what is the most advantaged way to recognize value for our shareholders. I think we've got a number of different assets that I think could provide some really compelling value to our shareholders as we move forward.

如此一來，我們就有選擇權，之後再決定以何種最具優勢的方式為股東實現價值。我認為我們擁有多項不同資產，隨著我們向前推進，這些資產都可能為股東帶來非常有吸引力的價值。

That's great. Thank you very much. I'll pass it on.

太好了。非常感謝。我把問題交給下一位。

Carlos De Alba, Morgan Stanley.

Carlos De Alba，摩根士丹利。

Yeah, thank you very much. Good morning, everyone. If you could maybe drill down a little bit more on the rationale to separate in the restructuring that you are doing to separate the Ramaco Refining Business for the Brook Mine critical mineral feedstocks and the Ramaco Critical Minerals given that presumably they are fairly integrated operations.

是的，非常感謝。各位早安。如果可以的話，能否再更深入說明一下，你們目前重組中將Ramaco煉製業務（Ramaco Refining Business，用於Brook礦的關鍵礦物原料）與Ramaco關鍵礦物（Ramaco Critical Minerals）分拆的理由？因為按理說它們應該是相當整合的營運。

Yeah. Great question, Carlos. I tried to take a stab at that in addressing the last comment. You know, again, the refining aspect of critical minerals, as you well know, is an entirely different breed of cat than the sort of processing aspect that relates to the coal business. I think kind of including and wrapping the refining together with the mining and sales, conceivably, is mixing two different type of operations, which again, could trade at different types of multiples if they were freestanding operations. I think providing a platform for rare earth sales and mining is going to be one platform that I think will be pretty clean to understand.

是的。好問題，Carlos。我在回應上一個評論時已經嘗試說明。你知道，再次強調，關鍵礦物的煉製環節，如你所知，完全是另一種性質的業務，與煤炭業務相關的那種加工環節截然不同。我認為把煉製與採礦及銷售一起納入並包裝在一起，從某種角度看，是把兩種不同類型的營運混在一起；而如果它們是獨立運作的業務，可能會以不同的估值倍數交易。我認為，提供一個用於稀土銷售與採礦的平台，會是一個我覺得相當清晰、容易理解的平台。

I think the Refining business sort of segregated into a separate entity provides us some different ways to look at both financing it, but also operating it. I think it gives us some options that we're now seriously pursuing on a number of different fronts, which I can't really get into.

我認為把煉製業務分隔到一個獨立實體，能讓我們在融資方式以及營運方式上有不同的思考角度。我認為這也給了我們一些選項，我們目前正在多個面向上認真推進，但我現在不便深入說明。

Well, okay. We'll wait for further details, down the road then. Then maybe another one, is relating the thermal coal, mining, within the Brook Mine. This is a very important byproduct that will help the economics of the project. Can you give us any update?

好吧。那我們就等之後再看更進一步的細節。另外一個問題是關於Brook礦內的動力煤（thermal coal）採礦。這是一個非常重要的副產品，將有助於專案的經濟性。你能否提供任何最新進展？

Yeah

可以。

On customer discussions and offtakes or MOUs for that thermal coal volume?

關於客戶洽談，以及該動力煤量的承購（offtakes）或備忘錄（MOUs）？

Yes. We are now, and of course, we're happy to have Jason touch on that as well. We are discussing right now with a number of utility groups, potential offtakes. We're even exploring longer term, some possible avenues for being able to make on-site use of the thermal coal in some manners, which I won't get into right now. That could be interesting. I think as it relates to the actual mining we don't really want to engage in full scale mining right now, even though we would be able, presumably to move a thermal product, because what we don't want to do is have large stockpiles of critical mineral feedstock, which we won't be able to effectively process until we have our actually, of course, a commercial facility.

是的。我們目前正在進行，當然，我們也很樂意讓Jason補充說明。我們正在與多家公用事業集團討論潛在的承購安排。我們甚至也在更長期的角度上，探索一些可能的途徑，以便能在現場以某些方式使用動力煤，這部分我現在先不展開。那可能會很有意思。我認為就實際採礦而言，我們目前並不想立刻進行全面規模的採礦；即使我們推測可以銷售動力煤產品，但我們不希望產生大量關鍵礦物原料的庫存堆置，因為在我們真正擁有商業化設施之前，這些原料我們無法有效處理。

You know, we're setting ourselves up to be able to have the thermal coal moved at sort of in sequence and in sync with our critical mineral processing and mining operations. As you well point out, needless to say our economics out there are interesting because what would typically be waste in a critical mineral operation, in our case, the byproduct, of course, is coal, and we're able to sell that at economics even based on current thermal prices, which would, in essence, pretty much pay for all the mining for all the products, inclusive of the critical minerals.

你知道，我們正在做的是，讓動力煤的出貨能以某種順序、並與我們的關鍵礦物加工與採礦作業同步推進。正如你指出的，不用說，我們那邊的經濟性很有意思，因為在一般關鍵礦物作業中通常會被視為廢料的部分，在我們的案例中，副產品當然就是煤，而我們即使以目前的動力煤價格，也能以具經濟效益的方式出售；本質上，這幾乎可以支付所有產品（包含關鍵礦物在內）的全部採礦成本。

Great. Thank you very much.

很好。非常感謝。

Thank you, Carlos.

謝謝你，Carlos。

Nathan Martin, The Benchmark Company.

Nathan Martin，Benchmark Company。

Thanks, operator. Good morning, everyone. Really just a clarification question to start. You guys previously called the expected mid-year report from Hatch a Preliminary Economic Assessment. Now seem to be referring to it as a revised conceptual study. Maybe no difference, but just wanted to make sure if there are any anticipated change in the data we should expect in that report.

謝謝，接線員。各位早安。我先問一個釐清性的問題。你們之前把Hatch預計在年中發布的報告稱為初步經濟評估（Preliminary Economic Assessment）。現在似乎改稱為修訂後的概念性研究（revised conceptual study）。也許沒有差別，但我想確認一下，該報告中的數據是否會有任何我們應該預期的變動？

The sort of the short and long answer is that you can expect no change in what the data that will be developed in the report. It will have the same sort of commercial and technical feasibility that was developed when the Fluor report was put out last year under the solvent extraction technique.

簡短與完整的答案都是：你可以預期報告中將形成的數據不會有任何變化。它將具備與去年Fluor報告在溶劑萃取（solvent extraction）技術下所建立的相同類型之商業與技術可行性內容。

The change in nomenclature is candidly from a compliance standpoint to keep in regulatory formality with the S-K 1300, which the SEC has suggested that the way that these studies be described should be done as a conceptual study as opposed to the prior nomenclature, which was called a PEA.

名稱用語的變更，坦白說是出於合規角度，為了在監管形式上符合S-K 1300；SEC建議這類研究的描述方式應以「概念性研究」來表述，而不是先前稱作PEA的用語。

Okay. Got it, Randy. Appreciate that. Maybe Jason, a question for you. You gave us a lot of good detail, I think, around expected sales throughout the rest of the year. I might have missed this, but again, you guys mentioned the lower net back realizations on export sales into Asia in the first quarter caused by the elevated freight rates. What portion of your remaining sales do you expect to be sold on a CFR basis and could possibly impact freight rates as well if they remain higher?

好的。了解了，Randy。感謝。或許 Jason，我有個問題想請教你。你剛才就今年剩餘期間的預期銷售提供了很多很好的細節。我可能漏聽了，但你們提到第一季出口到亞洲的銷售因運費率高企，導致淨回收（netback）實現較低。你們預期剩餘銷售中有多少比例會以 CFR 條件出售？如果運費率仍維持高檔，是否也可能受到影響？

Yeah, Nate, this is Jason. Thanks. You know, we actually typically sell very little on CFR basis, but where we saw the impact, of course, going into the Pacific was on recognized freight differentials there versus the Australian shipments. It certainly did. You know, we had several good pricing mechanisms in Q1 set up in advance of the Iranian conflict.

是的，Nate，我是 Jason。謝謝。你知道，我們其實通常以 CFR 條件出售的比例很低；但我們看到的影響，當然是在運往太平洋地區時，相較於澳洲出貨所認列的運費差異。確實有影響。你知道，我們在第一季有幾個不錯的定價機制是在伊朗衝突之前就事先設定好的。

Once we started to see the impacts of that it was baked into the overall mechanism, and that's where we saw the hit. Certainly again, given the fact that we had one large shipment slip out of the very end of the quarter there was disappointing impact to this as well there. Typically also Q1 is our usually our lower domestic, out sales in terms of total volume out the door. All those things kind of came together there to end up the impact on that pricing.

當我們開始看到其影響時，它已經被納入整體機制之中，而我們就是在那裡受到衝擊。另外，鑑於有一筆大型出貨延後到季度末之後，這也帶來了令人失望的影響。通常第一季也是我們國內出貨量（總出貨量）相對較低的季度。這些因素在那段時間一起發生，最終就造成了對該定價的影響。

Okay. Then you mentioned domestic, Jason. I did see domestic tonnage remained at 1.1 million tons, but I think pricing was down about $4 versus last quarter. Anything specific you could talk about the drove that change? Then do you expect any additional domestic sales thus far with a little bit of open tonnage still out there?

好的。那你提到國內市場，Jason。我確實看到國內銷量仍維持在 110 萬噸，但我想價格較上一季下降了約 4 美元。有沒有什麼具體因素可以談談是什麼驅動了這個變化？另外，鑑於目前仍有一些未分配的噸數，你們是否預期到目前為止國內銷售還會再增加？

Yes, sir. On your first question here on the pricing change. Nothing's changed there in terms of the customers, the structures, all that sort of thing. You know, we're marking some certain fees differently than we had before just to get better apples-to-apples pricing comparisons within our book. That's the entirety of that change on that overall price on the domestic side.

是的，先生。先回答你第一個關於價格變動的問題。在客戶、合約架構等方面都沒有任何改變。你知道，我們只是把某些費用的入帳方式做了不同的標示，以便在我們的帳冊中做更好的同口徑（apples-to-apples）價格比較。國內端整體價格的變動完全就是這個原因。

On the pickup in the domestics, we have seen a couple points of interest, as you can suspect on the high-vol side, just given from operations that have either already shut down or are curtailing or in the process of shutting down. Obviously, we view that as a positive sign.

至於國內需求的回升，我們確實看到幾個值得關注的點，你也可以想像，主要是在高揮發分（high-vol）這一端，因為有些營運單位不是已經停產，就是正在減產，或正處於停產過程中。顯然，我們把這視為正面的訊號。

You know, Elk Creek has an excellent reputation in the domestic market, and we typically get one of the first phone calls when folks need a high-vol, and we're seeing that already. We see that as very positive, certainly for the second half.

你知道，Elk Creek 在國內市場有極佳的口碑，通常當客戶需要高揮發分產品時，我們會是最先接到電話的其中之一，而我們已經看到這種情況正在發生。我們認為這非常正面，尤其是對下半年而言。

All right. Very helpful. I'll pass it on. Appreciate the time, and best of luck.

好的。非常有幫助。我就把問題交給下一位了。感謝撥冗，也祝你們一切順利。

Thank you.

謝謝。

Our next question comes from Soundarya Iyer of B. Riley Securities. Go ahead, please.

下一個問題來自 B. Riley Securities 的 Soundarya Iyer。請發問。

Thanks, operator. This is actually Nick on from B. Riley. First question was just, sorry if I missed this in the prepared remarks, but I wanted to ask if you could just provide a breakdown of CapEx or break out the met coal CapEx between sustaining and growth. Then on the growth side what's baked in today and what other levers do you have to ultimately increase low-vol exposure and just what that capital intensity looks like? Thanks.

謝謝，接線員。其實我是 B. Riley 的 Nick 代為提問。第一個問題是，不好意思如果我在事先準備的講稿中漏聽了，但我想請問你們是否可以提供資本支出（CapEx）的拆分，或把冶金煤（met coal）的 CapEx 區分為維持性（sustaining）與成長性（growth）。另外在成長面，目前已經納入哪些項目？你們還有哪些槓桿可以最終提高低揮發分（low-vol）的曝險？以及其資本強度大概會是什麼樣子？謝謝。

Jeremy, please take this.

Jeremy，請你回答這題。

Hey, Nick. When we think of our CapEx guidance for the year it's pretty close to 50/50 in terms of, I'll call it maintenance on the coal front and then growth on both the coal and the rare earth and critical minerals front. You know, I'd use about $10-$11 a ton on the coal side, let's call it about $45 million of maintenance capital and then another $20 million or so for our low-vol growth this year, which is obviously the third section at Berwind and then the rail load out at Maben with, of course, the remaining for for rare earths.

嗨，Nick。我們看今年的 CapEx 指引時，大致接近 50/50：我稱之為煤炭端的維護（maintenance），以及煤炭與稀土和關鍵礦物端的成長投資。你知道，煤炭端我會用每噸約 10 到 11 美元來估算，約 4,500 萬美元的維護性資本，然後今年低揮發分成長大概再投入約 2,000 萬美元，主要是 Berwind 的第三個採掘面（section），以及 Maben 的鐵路裝載（rail load out）；當然，其餘則用於稀土。

You know, on the growth side, I think as you noted our focus on the coal front is really on the low-vol side. You know, that's ultimately taking the Berwind mine up to four sections. Should we choose, we can go underground at the Maben complex, which would add up to another 1.5 million tons. All of this is market dependent. You know, we are starting to see some positive signs ahead and certainly as we move throughout the year and start budgeting for 2027 these are obviously things we'll take a hard look at.

你知道，在成長面，如你所提到的，我們在煤炭端的重點確實是在低揮發分。最終就是把 Berwind 礦場提升到四個採掘面。如果我們選擇這麼做，也可以在 Maben 綜合礦區進行地下開採，這將再增加最多約 150 萬噸。這一切都取決於市場。你知道，我們開始看到一些正面訊號，當然隨著今年推進並開始編列 2027 年預算，這些都是我們會仔細評估的事項。

Yeah. I think just to sort of add a coda to what Jeremy said Jason mentioned we've got one of our Maben shipments that's now going seaborne this quarter, which we think is important because to the extent we can establish the Maben brand overseas, that'll be an important market for volumes on low-vol that are going to be much higher than we've historically experienced. We view that very positively. You know, we are certainly in a liquidity position, of course, to initiate the Maben deep expansion just as soon as we think we've got a sufficient clarity on market signals that give us comfort that once we put it in, we're going to have a strong market once we start actual full commercial production.

是的。我想補充一下 Jeremy 的說法：Jason 提到我們有一筆 Maben 的出貨本季將改走海運（seaborne），我們認為這很重要，因為只要我們能在海外建立 Maben 的品牌，對於低揮發分的銷量市場會很關鍵，而這些銷量將遠高於我們過去的水準。我們對此非常正面。你知道，我們的流動性狀況當然足以啟動 Maben 的深部擴建，只要我們認為市場訊號已足夠清晰、能讓我們有信心：一旦投下去，等到我們開始真正全面商業化生產時，市場會很強勁。

Got it. Thanks for that, guys. Maybe just one more clarifying one. I think I heard 15% was PLV linked of met shipments this quarter. Where could that go in 2Q? Where should we expect that to settle, when Berwind kind of ramps-up later this year?

了解。謝謝各位。再問一個釐清問題。我想我聽到本季冶金煤出貨中有 15% 是與 PLV 連動。第二季可能會到什麼水準？等到今年稍晚 Berwind 開始爬坡增產時，你們預期這個比例會落在什麼區間？

Jason, you want to take that?

Jason，你要回答嗎？

Yeah, sure. Yeah, Nick, this Jason. Q2, right now we're projecting on basis what's committed, about 25% of exports. You know, basis PLV, I think that's maybe just slightly over 20% of overall volumes. Still with obviously a few tons out there still to place in Q2, which will look to that market. You know, in the back half, what I can say a few things. One, we inked a term high-vol deal very late in Q1 that just started against PLV. That'll flow through the entire year, we'll see the impact more of that in Q2 and then the back half. Both Randy and I both mentioned the Maben trial here we've got this quarter.

好的，當然。Nick，我是 Jason。第二季目前我們按已承諾的量來看，預估出口中約 25% 是以基差（basis）方式定價。以 PLV 連動來看，我想大概略高於總量的 20%。當然第二季還有一些噸數尚未配置，我們會看那個市場來安排。至於下半年，我可以說幾點。第一，我們在第一季非常晚的時候簽了一筆高揮發分的長約（term）交易，剛開始以 PLV 計價。這會貫穿全年，我們會在第二季以及下半年更明顯看到其影響。Randy 和我也都提到，本季我們有一個 Maben 的試運（trial）。

We're hopeful that that leads to more business on that front. Also we're currently in negotiations, I can say, with one large term customer on PLV linked business to add additional cargoes in the second half. You know, based where we sit here today, I would expect it to increase. It's just hard to put a number on that right now.

我們希望這能在那一方面帶來更多業務。另外，我可以說，我們目前正與一位大型長約客戶就與 PLV 連動的業務進行談判，以在下半年增加額外貨載。你知道，以我們今天所處的位置來看，我預期它會增加。只是現在很難給出一個數字。

Got it. No, that's very helpful, Jason. I appreciate it. Just one more, if I could. Just when we think about the carbochlorination process, as you build IP around this, I mean, is the patent protection ultimately around something chemistry related, or is it the application to coal-hosted material? Just trying to get a sense for what you would ultimately protect against and just as some of your peers are exploring processing as well. Thanks.

了解。不，這非常有幫助，Jason。我很感謝。如果可以的話，再問最後一個。當我們思考碳氯化（carbochlorination）製程時，隨著你們圍繞這個建立智慧財產權，我的意思是，專利保護最終是圍繞某些與化學相關的內容，還是圍繞其在含煤宿主材料上的應用？只是想了解你們最終會保護什麼、要防範什麼，因為你們的一些同業也在探索加工處理。謝謝。

Sure, Nick. Yeah, I'll let Mike go into somewhat more detail, but suffice to say that our IP projections are both designed to be broad and all-encompassing. It would include all of the areas that you would just articulated. Anything that we can regard as trade secrets we will be protecting because I think what we're going to have is a pretty unique process which may ultimately be able to be utilized, certainly not only with respect to our coals, but other coals and other coal-related products. It, if we get it perfected, it's a pretty good mousetrap.

當然，Nick。是的，我會讓 Mike 再多補充一些細節，但簡單來說，我們的智慧財產權布局同時被設計成廣泛且涵蓋全面。它會包含你剛才所提到的所有領域。任何我們能視為商業機密的部分，我們都會加以保護，因為我認為我們將擁有一個相當獨特的製程，最終可能不僅能用於我們的煤，當然也能用於其他煤以及其他與煤相關的產品。如果我們把它完善了，這會是一個相當不錯的「捕鼠器」。

That's why, once again, when I commented that we're going to have some very interesting things that we think are going to be Sort of downloaded into our Ramaco Royalty entity, that includes the royalties and potential IP income that would flow from those, which I think over time could be a very impactful bit of income to us.

這也是為什麼我再次提到，我們將會有一些非常有意思的內容，我們認為會以某種方式「下放」到我們的 Ramaco Royalty 實體之中，其中包括由此產生的權利金以及潛在的智慧財產權收入；我認為隨著時間推移，這可能會成為對我們非常有影響力的一塊收入。

Guys, appreciate the update and continued best of luck.

各位，感謝更新，也祝你們持續一切順利。

Mike, do you want to go into any more comment there on the IP side as it relates to more of the specifics on the processes themselves?

Mike，你要不要就智慧財產權這一塊、以及與製程本身更具體的細節，再補充一些評論？

Yeah. I would just add that you touched on a couple of things. Rare earth elements and critical minerals in coal and carbonaceous clays, definitely we want to lock this technology up. The IP's also around the extraction and purification around some of those critical minerals. You know, the beauty of this deposit is we aren't purchasing a reagent. We have it there and it's mineralized. You know, if you had to purchase coal as a reagent or carbon for this reaction, we're producing it at a fraction of the cost, and we're generating a significant amount of our critical minerals from the coal itself. That's what the IP is around.

好。我只想補充，你提到了幾個重點。煤與含碳黏土中的稀土元素與關鍵礦物，我們確實希望把這項技術牢牢鎖住。智慧財產權也涵蓋其中一些關鍵礦物的萃取與純化。你知道，這個礦床的美妙之處在於，我們不需要購買試劑。我們在那裡就有，而且它已礦化存在。你知道，如果你必須購買煤作為這個反應的試劑或碳源，我們以遠低於成本的一小部分就能生產它，而且我們也能從煤本身產出相當可觀數量的關鍵礦物。這就是智慧財產權所圍繞的內容。

Got it. Thank you for that, Mike. That's more clear. I appreciate it.

了解。謝謝你，Mike。這樣更清楚了。我很感謝。

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

問答環節到此結束。我想把電話會議交回給董事長兼執行長 Randall Atkins，請他做任何結語。

Sure. Well, first of all, I of course want to thank everyone for joining us today. As we commented earlier, we expect probably by the end of next month, certainly maybe just slipping into July, maybe for the Weir report, but we'll certainly receive something from both Hatch and Weir, which we regard as a pretty significant milestone.

好的。首先，我當然要感謝各位今天加入我們。如同我們先前提到的，我們預期大概在下個月底前，當然也可能稍微延到七月，可能是 Weir 的報告，但我們肯定會同時收到 Hatch 與 Weir 的一些成果，我們認為這是一個相當重要的里程碑。

At that point, we are considering probably coming back into the market to have a separate report, which will be both disclosed in written form and we probably will consider also having somewhat of a separate and unique call, which we'll certainly be able to entertain questions from both analysts and shareholders on. We would expect that to happen sometime probably in July, would be my expectation.

到那個時點，我們正在考慮可能回到市場上發布一份獨立報告，會以書面形式揭露；同時我們也可能考慮舉行一場相對獨立且獨特的電話會議，屆時我們當然能夠回答分析師與股東的提問。我預期這大概會在七月的某個時間發生。

This would be before our Q2 earnings call, which we would expect to probably happen in early August. With that, I thank everybody again for being on the call today, and we'll look forward to our next catch up. Thank you very much.

這會在我們第二季財報電話會議之前，我們預期第二季財報電話會議大概會在八月初舉行。那麼，再次感謝各位今天參與電話會議，我們期待下次再與各位更新進展。非常感謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。