Ramaco Resources, Inc. (METC) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Ramaco Resources second-quarter 2026 results conference call. (Operator Instructions) Please also note today's event is being recorded.

各位大家好，歡迎參加 Ramaco Resources 2026 年第二季業績電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

At this time, I would like to turn the floor over to Jeremy Sussman, Chief Financial Officer. Please go ahead.

此刻，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 second-quarter 2026 earnings conference call.

謝謝。我謹代表 Ramaco Resources，歡迎各位參加我們 2026 年第二季財報電話會議。

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

今天早上與我一同出席的有：董事長兼執行長 Randy Atkins；關鍵礦物營運執行副總裁 Mike Woloschuk；關鍵礦物銷售資深副總裁 Orin Atkins；礦山規劃與開發執行副總裁 Chris Blanchard；以及冶金煤首席商務長 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. 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.

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，其中許多因素不在 Ramaco 的控制範圍內，可能導致實際結果與前瞻性陳述中討論的結果存在重大差異。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。

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.

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；新聞稿可於我們網站 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，我也鼓勵所有與會者前往我們網站下載今天的投資人簡報。

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

話不多說，讓我介紹我們的董事長兼執行長 Randy Atkins。

Thanks, Jeremy. And thanks for everyone joining us this morning.

謝謝你，Jeremy。也感謝各位今天早上加入我們。

We have a lot to discuss. First, turning to our critical mineral front, as you know, we released last week the long-awaited Hatch conceptual study, along with the shareholder letter, both of which are on our website. The overall Brook Mine project is transformative, both for Ramaco and for the country. It also represents the reality of developing, building, and financing a major supply chain response to the chokehold on critical minerals that the Chinese have over the West.

我們有很多內容要討論。首先談到我們的關鍵礦物進展，如各位所知，我們上週發布了眾所期待已久的 Hatch 概念性研究，以及致股東信，兩者都已放在我們網站上。整體 Brook Mine 專案具有變革性，無論對 Ramaco 或對國家皆然。它也反映出：為回應中國對西方在關鍵礦物上的箝制而開發、建設並融資一條主要供應鏈，是一項現實且艱鉅的工作。

At Ramaco, we have been at this now for about six years. We believe we are more than halfway there before commercial production. The reality is that it will take several years for the US to balance the playing field with the Chinese, who have been at it for more than three decades.

在 Ramaco，我們投入這項工作至今約六年。我們相信，在達到商業化生產之前，我們已經走過一半以上的路程。現實是，美國要與中國拉平競爭環境仍需數年時間；中國在這方面已經耕耘超過三十年。

As you know, we changed direction last fall to test the carbochlorination method to apply to our coal-based feedstock. We've now arrived at a method to processing our ore. This moves us from being just an upstream feedstock provider to also a potential large-scale midstream refiner.

如各位所知，我們在去年秋天改變方向，測試將碳氯化（carbochlorination）方法應用於我們以煤為基礎的原料。我們現在已經找到一套處理礦石的方法。這使我們從單純的上游原料供應商，進一步成為潛在的大規模中游精煉商。

Refinery is clearly the most expensive and largest project we have considered, but it also represents a unique long-term potential profit center and at a transformative scale. We are conservative in our fundamental approach to our commodity businesses, be they critical minerals or met coal. We will approach this project in the same way.

精煉廠顯然是我們考慮過成本最高、規模最大的專案，但它也代表一個獨特的長期潛在獲利中心，且具備變革性的規模。我們在商品業務的基本策略上向來保守，無論是關鍵礦物或冶金煤。我們也將以同樣方式推進此專案。

In brief, now that we know both the, quote, how to process and also, quote, what oxides, metals, and MRECs we can potentially produce, going forward, we will work to improve the refining techniques to make them financially stronger. We'll also focus to optimize both the refinery construction cost and the construction timing.

簡而言之，既然我們現在已經知道（引號）如何加工，以及（引號）我們可能生產哪些氧化物、金屬與 MRECs，接下來我們將致力於改進精煉技術，使其在財務上更具吸引力。我們也將聚焦於最佳化精煉廠的建造成本與施工時程。

On financing, we want to make sure that the subject is properly framed. The major capital disbursements for the refinery are still more than two years away. We are approaching that runway deliberately to finance the project in as attractive a manner as possible for our shareholders. As we've said before, we have been in discussions with the government.

在融資方面，我們希望確保這個議題被正確地界定。精煉廠的主要資本支出仍在兩年多之後才會發生。我們正審慎運用這段時間，以盡可能對股東最具吸引力的方式為專案籌資。如同我們先前所說，我們一直在與政府進行討論。

Government financing support has been pending the completion of the independent third party diligence. Procurement offtake counterparties, including relevant federal agencies, were also perfectly reasonably awaiting the Hatch study before advancing. With that Hatch report now in hand, we are positioned to move these discussionss forward with both offtake and commercial financing counterparties. Basically, the door opened last week for us to now concretely pursue these discussions to some point of conclusion.

政府融資支持一直在等待獨立第三方盡職調查完成。採購承購（offtake）對手方（包括相關聯邦機構）也非常合理地在 Hatch 研究出爐前暫緩推進。如今 Hatch 報告已到手，我們已具備條件，與承購方及商業融資對手方推動這些討論向前。基本上，上週這扇門已為我們打開，使我們得以更具體地推進這些討論，並朝某種結論邁進。

I'm not going to repeat all of the metrics which we discussed in last week's letter, other than to highlight just a few of the milestones. We had Hatch look at the Brook Project at two different levels of plant feed. One was at a 1.8 million, separately, we had it at an elevated 3.5 million tons of feedstock. The higher case was in part motivated by supplying a larger level of feedstock production for domestic government supply chain needs.

我不會重複上週信函中討論的所有指標，只強調幾個里程碑。我們請 Hatch 以兩種不同的工廠進料水準評估 Brook 專案。其中一種為 180 萬噸；另外一種則提高至 350 萬噸的原料進料。較高情境部分動機在於，為國內政府供應鏈需求提供更高水準的原料供應。

The project is, and always has been, very scalable in both directions. Our mine out here was originally permitted at 8 million tons of coal production, which we later scaled back to 2 million tons before it became a rare earth project. As I will touch on, we have generations of available feedstock in our deposit. We can always increase production.

該專案在兩個方向上都具有、且一直具有高度可擴展性。我們這座礦最初核准的煤炭產量為 800 萬噸，之後在成為稀土專案之前，我們將其縮減至 200 萬噸。正如我稍後會提到的，我們礦床中有可供數代使用的原料。我們隨時都可以提高產量。

If economics or timing so dictate, we can always also lower the tons mined and oxide produced to get started. Then add more production later. Depending upon future demand and financing availability, we could increase or decrease production accordingly. The initial size of the facility will be dictated on Ramaco's efforts to de-risk the project, including offtake agreements and, of course, financing.

若經濟性或時程需要，我們也可以先降低開採噸數與氧化物產量以啟動。之後再增加產量。視未來需求與融資可得性而定，我們可相應提高或降低產量。設施的初始規模將取決於 Ramaco 降低專案風險的努力，包括承購協議，當然還有融資。

If there is one hallmark about this company, it is that we call an audible at the line almost every day. Internal modeling for the Brook Mine, using the capital and operating cost information from Hatch on the two alternative feedstocks, showed a potential NPV of between roughly $3.4 billion to $8 billion, an average adjusted EBITDA of between $600 million to $1.3 billion. Both these figures are up substantially compared to Fluor's 2025 studies.

如果說這家公司有一個鮮明特質，那就是我們幾乎每天都會在臨場做出調整。針對 Brook Mine 的內部模型，使用 Hatch 就兩種替代原料所提供的資本與營運成本資訊，顯示潛在 NPV 約介於 34 億美元至 80 億美元之間，平均調整後 EBITDA 約介於 6 億美元至 13 億美元之間。這兩項數字相較於 Fluor 於 2025 年的研究均大幅提升。

These figures, I would note, also do not reflect any potential uplift from inclusion of e-waste in the feedstock. As Hatch noted, the timeline and capital cost have been pushed out and increased compared to last year's Fluor report. So has the profitability. We will, of course, work to tighten and reduce timing and cost as we progress on the testing, optimization, and engineering fronts.

我也要指出，這些數字尚未反映將電子廢棄物（e-waste）納入原料所可能帶來的任何上行效益。如 Hatch 所述，相較於去年 Fluor 的報告，時程與資本成本已被延後並提高。獲利能力也同樣提高。當然，隨著我們在測試、最佳化與工程等面向持續推進，我們將努力收斂並降低時程與成本。

One pushback from last year's Fluor Report was that we were over-reliant on scandium production. Both Hatch's and our own analysis now show that roughly 75% of our potential revenue will be tied to key critical minerals, whose main demand driver is the semiconductor industry. Our growth trajectory would then also be tied to several key markets, be they from data centers to AI.

去年 Fluor 報告的一項反饋是，我們過度依賴鈧（scandium）產量。Hatch 與我們自身的分析現在顯示，我們潛在收入約 75% 將與關鍵關鍵礦物相關，其主要需求驅動來自半導體產業。因此，我們的成長軌跡也將與數個關鍵市場連動，從資料中心到 AI 等。

Indeed, at the projected levels of expected production, the Brook Mine could provide a multiple on all of the nation's demand for the strategic critical element gallium and its related products used in these industries.

確實，以預期的產量水準來看，Brook Mine 可提供相當於全國對戰略性關鍵元素鎵（gallium）及其在這些產業中使用之相關產品需求的數倍供應量。

In terms of independent report milestones, we expect to publish a report on e-waste this fall and its use, followed by a new S-K 1300 Compliant Technical Report summary by the end of the year. This will reflect the Hatch flow sheet and the benchmark scale test work now underway.

就獨立報告的里程碑而言，我們預期將於今年秋季發布一份關於電子廢棄物及其用途的報告，隨後在年底前發布一份新的符合 S-K 1300 規範的技術報告摘要。該報告將反映 Hatch 的流程圖，以及目前正在進行的基準規模測試工作。

That year-end filing will be followed by a full pre-feasibility study in the spring of 2027, which marks the next formal step in the de-risking of the project. As we always remind ourselves, fundamentally, the Brook Mine project starts as a unique upstream geological opportunity. As we've said before, it's been called the nation's largest unconventional rare earth and critical mineral deposit.

該年底申報之後，將於 2027 年春季進行完整的預可行性研究，這標誌著專案去風險化的下一個正式步驟。正如我們一再提醒自己，從根本上說，Brook Mine 專案起始於一個獨特的上游地質機會。如同我們先前所說，它被稱為全國最大的非傳統稀土與關鍵礦物礦床。

Even at the current permit levels, on roughly only one-third of the mine's total acreage, we should be able to operate the mine for generations. We are also working with independent testing labs to identify commercial levels of other critical minerals and rare earth elements within the deposit that we have not disclosed to date. If independent assays and tests confirm commercial size of deposits, we will include that in our future product mix.

即使在目前的許可水準下，在約僅占礦區總面積三分之一的範圍內，我們也應能讓礦山運作數代之久。我們也正與獨立測試實驗室合作，以辨識該礦床中其他我們迄今尚未披露、具商業品位的關鍵礦物與稀土元素。若獨立化驗與測試確認礦床具商業規模，我們將把其納入未來的產品組合。

To date, we have internally discovered more than 50 such minerals and REEs in our deposit. As Mike Woloschuk will discuss, construction on our pilot plant building remains on schedule for completion later this year, with full-scale operations expected to commence in 2027. We will start moving various lab operations into the new facility this fall to accelerate our testing capability and timing. Now, I'd like to turn to our legacy metallurgic coal business.

截至目前，我們已在內部於礦床中發現超過 50 種此類礦物與稀土元素（REEs）。正如 Mike Woloschuk 將會說明，我們試驗工廠建築的施工仍按計畫進行，預計於今年稍晚完工，並預期於 2027 年開始全面運轉。今年秋季我們將把各項實驗室作業移入新設施，以加速我們的測試能力與時程。現在，我想把話題轉到我們傳統的冶金煤業務。

As you've already heard from some of our other public coal peers, we have continued to see market weakness across most US coal qualities, but especially in the high vol coals. Too much domestic production is chasing a limited export market at the moment. By contrast, the low vol coals have shown continued relative strength.

正如你們已從我們其他上市煤炭同業那裡聽到的，我們持續看到美國多數煤種的市場疲弱，尤其是高揮發分（high vol）煤。目前國內產量過多，正在追逐有限的出口市場。相較之下，低揮發分（low vol）煤則持續展現相對強勢。

Reflecting this market reality, in June, our Board approved capital for the $25 million development for the first two underground sections at our Maben Complex. Capital will be deployed over the next 12 months, split evenly between this year and 2027. We anticipate by the end of 2027, this two-section deep expansion at Maben is going to add about 600,000 tons of production at full capacity. These will be tons which can achieve cash margins roughly double the company's overall second quarter margins.

反映此一市場現實，我們董事會於 6 月核准資本支出，用於 Maben Complex 前兩個地下採掘區段的 2,500 萬美元開發計畫。資本將在未來 12 個月內投入，並在今年與 2027 年平均分配。我們預期到 2027 年底，Maben 這項兩區段的深部擴建在滿載時將新增約 60 萬噸產量。這些噸數在現金毛利方面，約可達公司整體第二季毛利的兩倍。

Combined with our existing surface production at Maben, this will also translate into 1 million tons of annualized production by 2027. We have the future potential to add two additional deep sections at Maben. This would increase our low vol capacity by another 600,000 tons, for a total of roughly 1.5 million tons of low vol production from the Maben Complex.

再加上我們在 Maben 既有的露天產量，至 2027 年也將相當於年化 100 萬噸的產量。我們未來亦有潛力在 Maben 再增加兩個額外的深部區段。這將使我們的低揮發分產能再增加 60 萬噸，使 Maben Complex 的低揮發分產量合計約達 150 萬噸。

To complete our overall low-vol growth plans, we would combine Maben with our previously announced growth at Berwind. This includes adding 300,000 tons in 2027 at the Berwind number three section. This would then take the three Berwind sections to 900,000 tons of annual production, with the optionality to add a fourth section for another 300,000 tons. When these four sections are added to Berwind's Laurel Fork Mine, this creates another complex with a 1.5-million-ton production slate.

為完成我們整體的低揮發分成長計畫，我們將把 Maben 與先前宣布的 Berwind 成長計畫結合。其中包括在 2027 年於 Berwind 的第 3 區段新增 30 萬噸。如此一來，Berwind 的三個區段年產量將達 90 萬噸，並保留增設第 4 區段、再增加 30 萬噸的彈性。當這四個區段加入 Berwind 的 Laurel Fork Mine 後，將形成另一個年產 150 萬噸的生產組合之礦區群。

Berwind would then mirror the same future level of production as Maben. We would have a combined 3 million tons of annual low-vol production from both complexes. When added to the more than 3 million tons at Elk Creek and Knox Creek, this provides a balanced medium-term portfolio of over 6 million tons of total production, up from our current level of roughly 4 million tons.

屆時，Berwind 的未來產量水準將與 Maben 相當。兩個礦區群合計將有每年 300 萬噸的低揮發分產量。再加上 Elk Creek 與 Knox Creek 的超過 300 萬噸產量，將提供一個中期均衡的投資組合，總產量超過 600 萬噸，高於我們目前約 400 萬噸的水準。

Our investor slide shows this strategic objective of increasing low vol to 50%, up from about 25% today. I would also like to commend our metallurgic operations team. Second quarter mine cost at $99 a ton represented the fourth consecutive quarter of sub 100 cash costs. This was achieved despite diesel prices increasing quarterly by roughly 33% in the second quarter. Our costs remain in the first quartile of US met coal cost curves.

我們的投資人簡報投影片顯示此一策略目標：將低揮發分占比提高至 50%，高於目前約 25%。我也想表揚我們的冶金煤營運團隊。第二季每噸 99 美元的礦山成本，代表連續第四季現金成本低於 100 美元。即便第二季柴油價格較前一季上升約 33%，我們仍達成此成果。我們的成本仍位於美國冶金煤成本曲線的第一四分位。

I'm going to finish with a mention of some of our balance sheet metrics. On our shareholder return and capital allocation strategy, we bought back a significant amount of stock for the first time this year. We've now repurchased more than 8% of our Class A shares for about $66 million. This reflects what we regard as a prudent use of liquidity, given what we perceive as a current undervaluation of our stock price.

最後我將提及一些資產負債表指標。在股東回報與資本配置策略方面，我們今年首次回購了相當可觀的股票。截至目前，我們已以約 6,600 萬美元回購超過 8% 的 A 類普通股。鑑於我們認為目前股價被低估，這反映了我們將流動性審慎運用的看法。

We also ended the quarter with record levels of over $400 million of liquidity after these share buybacks. We are so liquid, we additionally have the ability to now be holding about $100 million of stockpiled coal inventory as of June 30 to sell at a better pricing as market conditions improve.

在完成這些股票回購後，我們於本季末仍以超過 4 億美元的流動性創下歷史新高。我們的流動性非常充裕，因此截至 6 月 30 日，我們也有能力持有約 1 億美元的堆存煤炭庫存，待市場狀況改善、價格更佳時再出售。

In summary, this has been a quarter with a number of positive moving pieces for us as we begin to roll out some transformative growth opportunities, both in our coal and critical mineral platforms. With that, I'd now like to turn the floor back to the rest of our team to discuss finances, operations, and markets.

總結而言，隨著我們開始推出一些具變革性的成長機會（涵蓋煤炭與關鍵礦物兩大平台），本季對我們而言有多項正向進展。接下來，我想把時間交還給團隊其他成員，討論財務、營運與市場。

First, I'm going to have Mike Woloschuk, who leads our critical mineral efforts, to provide some updates on our progress there.

首先，我將請負責我們關鍵礦物工作的 Mike Woloschuk，提供該領域進展的最新資訊。

Thanks, Randy.

謝謝你，Randy。

We had a busy quarter with the main focus working with Hatch to complete the carbochlorination study. The results of this study demonstrate the exceptional potential for the Brook Mine project. I first want to start by outlining why we have adopted a carbochlorination flow sheet for the Brook deposit.

我們本季相當忙碌，主要重點是與 Hatch 合作完成碳氯化（carbochlorination）研究。該研究結果顯示 Brook Mine 專案具備卓越的潛力。我想先說明我們為何採用針對 Brook 礦床的碳氯化流程圖。

Brook Mine hosts rare earths and other high-value critical minerals such as gallium, scandium, and germanium. Some of these high-value critical minerals are hosted in carbonaceous kaolinite clays. Extraction of these critical minerals requires alteration of the kaolinite mineral structure.

Brook Mine 含有稀土以及其他高價值關鍵礦物，例如鎵、鈧與鍺。其中部分高價值關鍵礦物賦存於含碳高嶺石黏土中。要萃取這些關鍵礦物，需要改變高嶺石的礦物結構。

In the carbochlorination process, this alteration also generates additional revenue by converting small amounts of the volatile aluminum and silica chlorides into high-purity alumina and high-purity silica. The balance of these chlorides is used to regenerate most of the chlorine needed for the process, minimizing makeup chlorine quantities.

在碳氯化製程中，這種改變也能帶來額外收入：將少量揮發性的氯化鋁與氯化矽轉化為高純度氧化鋁（HPA）與高純度二氧化矽（HPS）。其餘的這些氯化物則用於再生製程所需的大部分氯氣，將補充氯氣用量降至最低。

The flow sheet is designed so that mineralized Brook coal feeds the carbochlorination process as both the source of critical minerals and the reducing agent. In other words, the coal is simultaneously plant feed and reagent. Non-rare earth critical minerals generate about 75% of the revenues from this flow sheet. This is directly related to the unconventional geology of this deposit, and why TREO grades alone are not a relevant measure of asset quality.

此流程圖的設計是讓含礦化的 Brook 煤作為碳氯化製程的進料，同時也是關鍵礦物來源與還原劑。換言之，煤同時是工廠進料與試劑。非稀土的關鍵礦物約貢獻此流程圖 75% 的收入。這與該礦床的非傳統地質特性直接相關，也說明為何僅以 TREO 品位並非衡量資產品質的相關指標。

Furthermore, we can ramp up production of HPA and HPS as the market demands, with only incremental capital to increase conversion of those chlorides to oxides. We do not have to increase the feed to the plant. Carbochlorination has been demonstrated commercially for more than 70 years. This process is not novel. We are adapting proven technology to this feed material because it fits with the geometallurgical response of the Brook Mine.

此外，我們可依市場需求提高 HPA 與 HPS 的產量，只需投入增量資本以提高將這些氯化物轉化為氧化物的比例。我們不必增加工廠進料量。碳氯化已商業化驗證超過 70 年。此製程並非新技術。我們正將成熟技術調整應用於此進料材料，因為它符合 Brook Mine 的地質冶金反應特性。

Initial tests generated average extractions of over 90% for all targeted critical minerals, and these were verified by third-party independent testing. Subsequent testing achieved even better extractions, but third-party laboratories continue to be a timing bottleneck. To significantly increase test volumes and reduce turnaround times, we have been building out our own analytical and metallurgical testing facility at site.

初步測試對所有目標關鍵礦物的平均萃取率均超過90%，並已由第三方獨立測試驗證。後續測試達成更佳的萃取率，但第三方實驗室仍持續成為時程上的瓶頸。為大幅提升測試量並縮短周轉時間，我們一直在現場建置自有的分析與冶金測試設施。

Our analytical lab is now operational and we anticipate internal carbochlorination testing will commence this quarter. The internal test work will aim to optimize separation of the carbochlorination metal chlorides. The results will underpin the next phase of study and the pilot plant design. We have appointed an experienced laboratory manager to build out the team and lead the laboratory operations. As Randy mentioned, we are evaluating additional upside not included in the study results.

我們的分析實驗室現已投入運作，並預期本季將開始進行內部碳氯化測試。內部測試工作將以最佳化碳氯化金屬氯化物的分離為目標。其結果將支撐下一階段研究與中試工廠設計。我們已任命一位具豐富經驗的實驗室經理來擴編團隊並領導實驗室營運。如Randy所提，我們正在評估研究結果中未納入的額外上行潛力。

We have identified trade-off studies focused on capital and operating cost improvements and integration of e-waste to boost yields of the targeted critical minerals. This was identified as an opportunity in the Hatch study. The thermodynamic behavior of gallium and germanium chlorides under planned operating conditions is well established.

我們已辨識出若干取捨研究，聚焦於資本支出與營運成本改善，以及整合電子廢棄物以提升目標關鍵礦物的產率。這在Hatch研究中被視為一項機會。在規劃的操作條件下，鎵與鍺氯化物的熱力學行為已相當明確。

Both species are volatile and report efficiently to the off gas, where they are captured in equipment already specified in the flow sheet. Co-processing a controlled e-waste fraction, therefore, requires no new reaction chemistry. Early estimates suggest small amounts of e-waste in the feed blend will significantly boost gallium and germanium production with minimal modification to the process. The Hatch team is now into initial design of the carbochlorination pilot plant, and they will be delivering a package to Zeton for detailed design this quarter.

兩者皆具揮發性，並能有效進入尾氣，在流程圖中已指定的設備中被捕集。因此，共同處理受控比例的電子廢棄物不需要新的反應化學。初步估算顯示，在進料配比中加入少量電子廢棄物，即可在對流程僅需極少修改的情況下，顯著提升鎵與鍺的產量。Hatch團隊目前已進入碳氯化中試工廠的初步設計，並將於本季向Zeton交付一套方案以進行詳細設計。

At the pilot plant site, excavation work pilings and some of the foundations were completed in the quarter. In this quarter, we anticipate finalizing the balance of the deep foundations and the slab-on-grade foundation work. Building steel that will house the pilot and research equipment is anticipated to be completed in Q4. In Q2, we increased the number of drill rigs on site.

在中試工廠場址，本季已完成開挖工程、樁基以及部分基礎工程。本季我們預期將完成其餘深基礎與地坪式基礎（slab-on-grade）工程的定案。預計用於安置中試與研究設備的建築鋼構將於第四季完工。在第二季，我們增加了現場鑽機數量。

At the end of the quarter, we've drilled 56 holes this year and have updated our infill drilling program to target a portion of the 4,500 acre permitted area to increase resource confidence level from inferred to indicated to support the pre-feasibility study. We've expanded our in-house geology logging and sampling capabilities and anticipate being able to conduct in-house assays on drill core this quarter.

截至本季末，我們今年已鑽探56個孔位，並已更新加密鑽探計畫，鎖定4,500英畝已許可區域中的一部分，以將資源信心等級由推定（inferred）提升至指示（indicated），以支援預可行性研究。我們擴充了內部地質編錄與取樣能力，並預期本季可對鑽芯進行內部化驗。

Non-Hatch scope being managed by WSP advanced several key technical activities, including development of the mine footprint, identifying a location for the tailing storage facility, and a review of the borehole locations, material properties, and geotechnical studies to support TSF site selection.

由WSP管理、非Hatch範疇的工作推進了多項關鍵技術活動，包括礦區開採範圍（mine footprint）的開發、尾礦貯存設施（TSF）位置的辨識，以及對鑽孔位置、材料性質與岩土工程研究的審查，以支援TSF場址選定。

I would now like to hand over the call to Orin Atkins, our SVP of Sales for Critical Minerals.

我現在想把電話會議交給我們關鍵礦物銷售資深副總裁Orin Atkins。

Thank you, Mike. And good morning.

謝謝你，Mike。各位早安。

I'll provide a commercial update on our Brook Mine, where our critical minerals commercial strategy continues to advance on a number of fronts. Alongside the technical work supporting the just released Hatch conceptual study, we have built out a dedicated internal marketing and sales team for the Brook Mine materials, further supported by an experienced team of industry consultants and lobbyists.

我將就我們Brook礦場提供商務更新；我們的關鍵礦物商業策略在多個面向持續推進。在支援剛發布的Hatch概念性研究之技術工作之外，我們也為Brook礦場材料建立了專責的內部行銷與銷售團隊，並由一支具經驗的產業顧問與遊說團隊進一步支援。

With at least 20 different high-value basket materials facing into a myriad of industry supply chains, outreach and visibility has been a high priority. To that end, the team has executed over 30 NDAs related to potential offtake and technical engagement and is in offtake discussions with counterparties for every material to be produced at the Brook facility.

面對至少20種不同的高價值組合材料，且涉及多元產業供應鏈，對外接觸與能見度一直是高度優先事項。為此，團隊已就潛在承購（offtake）與技術合作簽署超過30份保密協議（NDA），並就Brook設施將生產的每一項材料，與相對方進行承購洽談。

With established relationships across the downstream supply chains, we expect commercial advancement to run parallel to our technical development re the Hatch report, with additional MOUs to be announced in the near future. It's also relevant to highlight that the Brook Mine critical mineral deposit was discovered in partnership with the US government.

憑藉在下游供應鏈的既有關係，我們預期商務推進將與Hatch報告相關的技術開發同步進行，並將在不久的將來宣布更多合作備忘錄（MOU）。同時也值得強調，Brook礦場的關鍵礦物礦床是與美國政府合作發現的。

Ramaco continues to build and enhance relationships with various departments of government to support their strategic initiatives to onshore Western critical mineral supply chains. A number of our materials have defense applications which have been subject to export restrictions. We are in regular communication with the Department of War to align ourselves with their supply chains and needs.

Ramaco持續與政府各部門建立並強化關係，以支持其將西方關鍵礦物供應鏈在地化（onshore）的策略倡議。我們的多項材料具有國防用途，且曾受到出口限制。我們與戰爭部（Department of War）保持定期溝通，以使我們與其供應鏈與需求保持一致。

As Mike mentioned, the carbochlorination process is projected to extract higher yields of high purity gallium, germanium, and silica products. Excited about the fact that the key demand drivers for our products are in the semiconductor, technology, and defense industries. Demand is high for these products, as Brook may be the world's first gallium primary source mine, developed at a time where it has been three years since China has exported gallium to North America.

如Mike所提，碳氯化流程預計可萃取更高產率的高純度鎵、鍺與二氧化矽產品。令人振奮的是，我們產品的主要需求驅動因素來自半導體、科技與國防產業。這些產品需求強勁，因為Brook可能成為全球第一座以鎵為主要來源的礦山；而在此開發時點，距離中國向北美出口鎵已經三年。

We are in active discussions with potential off-takers, ranging from large gallium purification and distribution companies to wafer, power device, and RF manufacturers. The carbochlorination process also creates valuable HPA and HPS from what was previously GaN material. While HPA has multiple applications across substrate, semiconductor, and ceramics, demand is growing most rapidly for use in batteries.

我們正與潛在承購方積極洽談，對象涵蓋大型鎵精製與通路公司，以及晶圓、功率元件與射頻（RF）製造商。碳氯化流程亦可由先前的GaN材料產出具價值的高純氧化鋁（HPA）與高純二氧化矽（HPS）。雖然HPA在基板、半導體與陶瓷等領域有多種應用，但需求成長最快的是電池用途。

Ramaco is in contact with technology and battery firms, both domestically and abroad, to place offtake of this material. High purity silica similarly faces into semiconductor and battery sectors, providing crossover of multiple value materials to potential offtake customers. In scandium, demand continues to grow for solid oxide fuel cells, and Brook is well positioned to provide domestic feedstocks into this growing industry. We are in discussion with a large firm in this field for both offtake and a circular arrangement of recycling spent fuel cell materials.

Ramaco正與國內外的科技與電池公司接洽，以安排該材料的承購。高純二氧化矽同樣面向半導體與電池產業，使多項高價值材料能交叉提供給潛在承購客戶。在鈧方面，固態氧化物燃料電池的需求持續成長，而Brook具備良好條件，可為此成長產業提供國內原料。我們正與該領域一家大型公司洽談承購，並討論回收用過燃料電池材料的循環式安排。

Scandium also improves the strength to weight characteristics of metal alloys, and Brook stable domestic supply could unlock the development of new alloys for defense, space, aerospace, and auto applications. Ramaco has retained an industry consultant with years of experience developing scandium alloys, which has greatly accelerated our integration into these supply chains. We are currently in discussion with two material developers working to standardize new aluminum and titanium alloys with identified end-use applications.

鈧亦可改善金屬合金的強度重量比特性，而Brook穩定的國內供應可望促成新合金的開發，應用於國防、太空、航太與汽車領域。Ramaco已聘請一位在鈧合金開發方面具多年經驗的產業顧問，這大幅加速了我們融入這些供應鏈。我們目前正與兩家材料開發商洽談，協助標準化新型鋁合金與鈦合金，並已辨識其終端用途應用。

On rare earths, our MREC has a combination of both light and heavy rare earths, making it a unique valuable product in the marketplace. We are under NDA and in discussion with a number of separation companies, both domestically and abroad in allied nations. Our primary focus is to ensure the technical fit of these facilities to separate each of our rare earth oxides or each of our rare earths into saleable oxides.

在稀土方面，我們的MREC同時包含輕稀土與重稀土，使其成為市場上獨特且具價值的產品。我們已簽署保密協議（NDA），並與多家分離公司洽談，對象涵蓋國內以及盟友國家。我們的主要重點是確保這些設施在技術上適配，能將我們各項稀土氧化物分離，或將各種稀土分離成可銷售的氧化物。

We announced an MOU with REalloys for offtake and separation of MREC and are in discussion with a number of other firms to secure similar separation and offtake agreements. Lastly, I want to highlight that e-waste was identified as an opportunity in the Hatch conceptual study as the carbochlorination facility provides us with flexibility to integrate a number of these mineral-rich materials into our feedstock ore to boost critical mineral yields and production.

我們已宣布與REalloys簽署MOU，進行MREC的承購與分離，並正與其他多家公司洽談，以取得類似的分離與承購協議。最後，我想強調，Hatch概念性研究將電子廢棄物視為一項機會，因為碳氯化設施讓我們能彈性整合多種富含礦物的材料進入進料礦石，以提升關鍵礦物的產率與產量。

We are in active discussions with not only e-waste providers to supply materials, but also offtake customers to create a circular arrangement of recycling spent materials or manufacturing waste. Two groups have already sent materials to our Brook facility for testing.

我們不僅與電子廢棄物供應商積極洽談以供應材料，也與承購客戶洽談，以建立回收用過材料或製造廢料的循環式安排。已有兩個團體將材料送至我們Brook設施進行測試。

We are actively looking to advance the technical and economic feasibility of incorporating recycled materials into our carbochlorination facility. Now that the technical and economic information from the Hatch report has been made public, we anticipate things to accelerate regarding various supply agreements in the near future.

我們正積極推進將回收材料納入碳氯化設施的技術與經濟可行性。隨著Hatch報告中的技術與經濟資訊已公開，我們預期近期在各項供應協議方面將加速推進。

With that, thank you for your time, and I will pass along to Chris to speak to our operations.

就此，感謝各位撥冗，我將把時間交給 Chris，請他談談我們的營運情況。

Thanks, Orin.

謝謝你，Orin。

I'd like to briefly move back to the East and discuss results for the metallurgical coal side of the business. First and foremost, I'm pleased to report and share that operational safety and compliance performance remained strong in the second quarter and much improved from our 2025 results.

我想簡要把焦點拉回東部，並討論冶金煤業務的經營成果。首先，我很高興向各位報告並分享，我們第二季的作業安全與合規表現依然強勁，且較 2025 年的結果有明顯改善。

Quantitatively, we have had 58% fewer incidents in 2026 through the comparable period in 2025, and this has translated into a 54% reduction in our total reportable incident rate year-to-date. Mine turnover of personnel has also reduced substantially during this prolonged market weakness. Fewer vacancies and a more stable workforce has certainly contributed to better results on our safety metrics.

以量化數據來看，2026 年截至與 2025 年同期可比期間，我們的事故件數減少了 58%，並使得年初至今的總可通報事故率（TRIR）下降 54%。在這段市場長期疲弱期間，礦區人員流動率也大幅降低。職缺更少、勞動力更穩定，確實有助於我們在安全指標上取得更佳成果。

On an operations front, we continue to maintain reasonably acceptable cash costs under $100 companywide. This is despite the headwinds of stubbornly high fuel costs, which are one of our largest single direct costs, plus the added pass-throughs related to transportation and logistics. After entering the year at approximately $2.50 per gallon for diesel fuel, we averaged $4.64 per gallon in the second quarter, with a peak at $5.71. Fortunately, we saw a pullback in late June and early July.

在營運方面，我們持續將全公司現金成本維持在每噸 100 美元以下、處於合理可接受的水準。即便面臨燃料成本居高不下的逆風（燃料是我們最大的單項直接成本之一），以及與運輸與物流相關的額外轉嫁費用亦然。今年初柴油約為每加侖 2.50 美元，第二季平均為每加侖 4.64 美元，最高曾達 5.71 美元。所幸在 6 月下旬與 7 月上旬價格有所回落。

Unfortunately, however, the restarted tension in the Middle East has now pushed current pricing of diesel to $4.71 at the beginning of this week and actually above the second quarter's average pricing. At our usage and production mix and levels, we see more than a dollar increase in our produced coal costs per dollar of diesel fuel. The impact of diesel fuel alone in the second quarter compared to the start of 2026 levels was approximately $3 per ton produced.

然而不幸的是，中東緊張局勢再起，已將本週初柴油現價推升至每加侖 4.71 美元，實際上高於第二季的平均價格。以我們的用量以及產量組合與水準來看，柴油每上漲 1 美元，我們每噸煤的生產成本將增加超過 1 美元。單就柴油而言，第二季相較 2026 年初水準的影響約為每生產噸增加 3 美元。

Although we are pleased with the cash cost performance, we know it certainly would have been stronger absent some of these external factors. Our Elk Creek complex led to sub to $100 strong cash cost and productivity performance. The main Berwind mine also performed at or slightly better than our forecast during the second quarter on produced tons and cash costs.

儘管我們對現金成本表現感到滿意，但我們也清楚，若非部分外部因素影響，表現本可更強。我們的 Elk Creek 綜合礦區在每噸 100 美元以下的強勁現金成本與生產力表現方面領先。主要的 Berwind 礦在第二季的產量與現金成本方面，也達到或略優於我們的預測。

As Randy mentioned, we have layered in additional low vol production from Laurel Fork Pocahontas No. 3 Mine which feeds into the Berwind prep plant. The majority of ramp-up and restart costs are behind us, and while Laurel Fork mine performance has not yet matched the productivities of the Berwind mine, it does continue to improve month-over-month.

如 Randy 所提到，我們已增加來自 Laurel Fork Pocahontas No. 3 礦的低揮發份（low vol）產量，並送入 Berwind 選煤廠。大部分的爬坡與重啟成本已經過去；雖然 Laurel Fork 礦的表現尚未達到 Berwind 礦的生產力水準，但其表現仍持續逐月改善。

As a reminder, Laurel Fork production is a bridge for labor and capital equipment until the third section of the Berwind mine is ready to be deployed. It does give us future optionality for additional low volatile flex production if we wish to continue its operation.

提醒各位，Laurel Fork 的產量是在人力與資本設備方面的過渡安排，直到 Berwind 礦的第三採區準備好投入運作為止。若我們希望持續營運，它也讓我們在未來具備額外低揮發份彈性產量的選擇權。

Regarding the Berwind mine ramp-up, construction activities for the ventilation projects continued throughout the second quarter. The intake shaft has been completely excavated, and the concrete liner is 46% constructed and poured. Once the liner is complete, the new mine fan will be installed and mine ventilation adjusted and optimized for the third section.

關於 Berwind 礦的爬坡，通風工程的施工活動在第二季持續進行。進風井已完成全數開挖，混凝土內襯已完成 46% 的施工與澆置。待內襯完成後，將安裝新的礦井風機，並針對第三採區調整與最佳化礦井通風。

Shaft excavation ran approximately three weeks behind schedule, but we still anticipate the third section at Berwind being operational very early in the fourth quarter this year. At our Maben operations, we have a significant amount of activity underway now to grow our low vol portfolio, where we see much better supply side dynamics and perhaps even some shortages of the best quality low vol coals.

井筒開挖進度約落後三週，但我們仍預期 Berwind 的第三採區將在今年第四季非常早的時點投入運作。在我們的 Maben 營運據點，目前正進行大量工作以擴大低揮發份產品組合；在該市場我們看到供給端動態更佳，甚至可能出現最高品質低揮發份煤的短缺。

We discussed in our last call that the Maben batch weigh loadout project has moved forward, and that work continues. We still maintain a scheduled fourth quarter startup for the rail load out at Maben. The immediate impact of that will be roughly $20 per clean ton in transportation cost reduction for the Maben-produced coal. On a total company cash cost basis, the Maben load out savings will lower overall cash costs by almost $2 per ton across the currently producing mines.

我們在上次電話會議中提到，Maben 的批次秤重裝車（batch weigh loadout）專案已向前推進，相關工作仍在持續。我們仍維持 Maben 鐵路裝車設施於第四季啟用的時程。其直接影響將使 Maben 生產煤的運輸成本每清潔噸約降低 20 美元。以全公司現金成本口徑計算，Maben 裝車節省將使目前在產礦區的整體現金成本每噸降低近 2 美元。

We are accelerating capital originally planned for 2027 into 2026 to take advantage of the soon-to-be-activated Maben load out and the superior quality low vol reserves we hold at this complex. Field work has begun on the surface excavations and the installation for electrical infrastructure for our first mine, which is in the Beckley seam.

我們正把原本規劃於 2027 年的資本支出加速提前至 2026 年，以把握即將啟用的 Maben 裝車設施，以及我們在該綜合礦區持有的優質低揮發份儲量。我們第一座礦（位於 Beckley 煤層）的地表開挖與電力基礎設施安裝已開始進行現場作業。

This low-sulfur, low-ash, high-CSR coal should complement our operating Sewell seam surface mine in highwall miner. All the necessary mining equipment for the first section has been procured or has been transferred from idle operations. We are forecasting first production in early 2027, with the potential for some incremental tons late this year.

這種低硫、低灰、高 CSR（焦炭反應性）煤，應可與我們在營運中的 Sewell 煤層露天礦高壁採煤（highwall miner）形成互補。第一採區所需的採礦設備均已採購完成，或已自停工的營運據點調撥。我們預估 2027 年初開始首批生產，且今年年底可能會有部分增量噸數。

The second underground low vol section is expected to come online in the second half of 2027. By the end of 2027, we will have the potential to be producing over 1.1 million tons of incremental low vol coal on an annualized basis above current levels. This is the combination of the third section of Berwind, two sections of Maben, and the potential continuation of the Laurel Fork Mine. Offsetting this growth in low vol, we continue to see challenges on the oversupplied high vol side.

第二個地下低揮發份採區預計於 2027 年下半年投產。到 2027 年底，我們有機會在目前水準之上，以年化基礎新增超過 110 萬噸的低揮發份煤產量。這是由 Berwind 第三採區、Maben 兩個採區，以及 Laurel Fork 礦可能持續營運所共同組成。在低揮發份成長的同時，高揮發份（high vol）端因供給過剩，我們仍持續看到挑戰。

We have proactively idled one of our three Stonecoal sections at Elk Creek. We are using the labor and the idle equipment to enhance our workforce and to lower overall maintenance capital spending throughout the company. We forecast overall high vol production decline year-over-year, but that the growth in low vol will offset this plus favorably rebalance our production portfolio in a positive direction. Over the next few months, we should begin to see some clarity with regard to 2027 domestic pricing and may further adjust high vol production accordingly.

我們已主動讓 Elk Creek 的 Stonecoal 三個採區之一暫停運作。我們將人力與閒置設備用於強化勞動力配置，並降低全公司整體維護性資本支出。我們預估高揮發份整體產量將年減，但低揮發份的成長將可抵銷此影響，並有利地使我們的產量組合朝更正向的方向再平衡。未來幾個月，我們應可開始更清楚掌握 2027 年國內定價情況，並可能據此進一步調整高揮發份產量。

I would like to now turn the call over to our Chief Commercial Officer, Jason Fannin, for a discussion of the markets and their dynamics.

接下來我想把電話會議交給我們的首席商務長 Jason Fannin，請他討論市場及其動態。

Thanks, Chris. And good morning, everyone.

謝謝你，Chris。各位早安。

Today, I will discuss our Q2 sales results, provide an update on our 2026 met coal sales position and market outlook, and then spend a few minutes on the commercial strategy behind our low vol growth plans. Starting with our second quarter results, our realized prices increased $2 per ton versus Q1 on the back of higher volumes of both domestic and PLV-linked shipments.

今天我將討論我們第二季的銷售成果，更新我們 2026 年冶金煤銷售部位與市場展望，並花幾分鐘說明支撐我們低揮發份成長計畫的商業策略。先從第二季結果談起：在國內與 PLV 連動出貨量增加的帶動下，我們的實現價格較第一季每噸提高 2 美元。

Looking ahead to pricing in the third quarter, PLV-linked tons should represent about 22% of overall volumes versus roughly 15% in both Q1 and Q2. Turning to our overall 2026 sales position. At the start of the third quarter, we had secured commitments for 3.8 million tons, or about 97% of our production at the top end of revised guidance. Our fixed price book for 2026 stands at 2.5 million tons at a blended price of $121 per ton. We have an additional 1.3 million export tons under index-linked arrangements for delivery in the back half of the year.

展望第三季定價，PLV 連動噸數預計約占總量的 22%，相較第一季與第二季皆約 15% 有所提升。接著談我們 2026 年整體銷售部位。在第三季初，我們已取得 380 萬噸的承諾量，約占修正後指引上緣產量的 97%。我們 2026 年固定價格合約量為 250 萬噸，加權平均價格為每噸 121 美元。此外，我們另有 130 萬噸出口量採指數連動安排，將於下半年交付。

Moving to our seaborne metallurgical coal market outlook. Pricing in both the Pacific and Atlantic basins was roughly flat on average in Q2 versus Q1, although PLV gave back some of its value in July. However, to start Q3, we have seen the US indices largely maintain their pricing levels, increasing in relativity against PLV.

接著談海運冶金煤市場展望。第二季太平洋與大西洋兩大盆地的價格平均較第一季大致持平，儘管 PLV 在 7 月回吐了部分漲幅。不過在第三季初，我們看到美國指數大致維持其價格水準，且相對於 PLV 的表現有所走強。

On the supply demand side, global prime hard coking coal supply continues to decline. Australian exports remain well below historical levels amid limited capital investment, high royalty burdens, and ongoing production interruptions. The safety-driven mine suspensions in China's Shanxi Province earlier in Q2 also removed meaningful coking coal supply from the Pacific market. Much of it in low-ash, low-sulfur, high-CSR qualities that are difficult to substitute.

在供需面方面，全球優質硬焦煤供應持續下滑。在資本投資有限、權利金負擔偏高以及持續的生產中斷之下，澳洲出口量仍遠低於歷史水準。中國山西省於第二季稍早因安全因素導致礦場停產，也使太平洋市場失去相當可觀的焦煤供應。其中多為低灰、低硫、高 CSR 的煤質，難以替代。

Taken together, we believe supply side dynamics provide a reasonably firm floor near current PLV levels. This brings me to the commercial dimension of the low vol strategy and Maben development plans that both Randy and Chris have already outlined. Since early Q2 2025, US low vol pricing has maintained a persistent and often substantial premium to US high vol indices.

綜合來看，我們認為供給端動態在目前 PLV 水準附近提供了相對穩固的底部支撐。接下來我想談談低揮發分策略與 Maben 開發計畫的商業面向，Randy 和 Chris 先前都已概述。自 2025 年第二季初以來，美國低揮發分煤的定價一直相對美國高揮發分指數維持持續且往往相當可觀的溢價。

From a marketing standpoint, Maben volumes have already successfully trialed into the domestic market this year, and we plan to continue to expand our trial volumes into additional North American mills during 2027. Similarly, interest from Asian steel producers in securing premium US low vol supply is strong.

從行銷角度來看，Maben 產量今年已成功在國內市場完成試銷，我們計畫在 2027 年持續將試銷量擴大至更多北美鋼廠。同樣地，亞洲鋼鐵生產商對於鎖定美國優質低揮發分供應的興趣也相當強勁。

Our first seaborne trial cargo of Maben is scheduled to arrive in India later this week and will undergo industrial consumption later this month and into September. We are also in discussions to supply a trial cargo of Maben into Northeast Asia during Q4.

我們第一批 Maben 海運試運貨載預計於本週稍晚抵達印度，並將於本月稍後至 9 月期間進行工業端使用。我們也正在洽談於第四季向東北亞供應一批 Maben 試運貨載。

To wrap up the met coal side, we are now at the beginning of the domestic negotiating season. While we won't discuss specifics around those today, our focus remains on enhancing the value of our sales portfolio.

總結冶金煤部分，我們現在正處於國內談判季的起點。雖然今天不會討論相關細節，但我們的重點仍是提升銷售組合的價值。

With that, I'll now turn the call over to our Chief Financial Officer, Jeremy Sussman, for review and discussion of our financial metrics.

接下來，我把電話交給我們的財務長 Jeremy Sussman，請他回顧並討論我們的財務指標。

Thank you, Jason.

謝謝你，Jason。

I'll start with our balance sheet. Echo what Randy said. Since the beginning of this year, our strong liquidity position has allowed us to opportunistically repurchase $66 million worth of shares. This has effectively reduced our outstanding shares by roughly 8%, or by almost 5 million shares to now less than 52 million shares outstanding.

我先從資產負債表開始。呼應 Randy 的說法。自今年年初以來，我們強勁的流動性部位讓我們得以把握時機回購 6,600 萬美元的股票。這使我們的流通在外股數有效減少約 8%，也就是減少將近 500 萬股，目前流通在外股數已低於 5,200 萬股。

We still have remaining repurchase authorization. As Randy noted, we will continue to look at opportunistic share repurchases as a prudent use of capital dependent upon circumstances. I would note that we ended Q2 with one of the strongest balance sheets in the public met coal space, with over $400 million in liquidity, despite the large amount of share repurchases.

我們仍有剩餘的回購授權額度。如 Randy 所提，我們將視情況持續評估機會性股票回購，作為審慎的資本運用方式。我也要指出，儘管進行了大量股票回購，我們在第二季末仍擁有上市冶金煤同業中最強健的資產負債表之一，流動性超過 4 億美元。

In addition, as of June 30th, we had roughly 1 million tons of coal sitting in inventory, which will provide us with a meaningful working capital tailwind should markets improve throughout the year as we anticipate. As we look ahead, this strong balance sheet and cash position allows us the optionality to invest in both our coal and rare earth elements business at the same time.

此外，截至 6 月 30 日，我們庫存中約有 100 萬噸煤，若如我們預期市場在今年內改善，這將為我們帶來顯著的營運資金順風。展望未來，這樣強健的資產負債表與現金部位，讓我們同時投資煤炭與稀土元素業務具備更高的彈性與選擇權。

In terms of second quarter operational performance, mine cost results were again extremely solid in this challenging market, with cash cost per ton sold of $99. This figure is especially impressive considering the impact of higher diesel costs. Second quarter cash margins of $17 per ton fell from $20 per ton in the same period of 2025. This was due to lower realized prices of $116 per ton, which fell 6% compared to $123 per ton in Q2 of 2025.

就第二季營運表現而言，在這個充滿挑戰的市場中，我們的礦山成本結果再次非常穩健，每噸銷售的現金成本為 99 美元。考量到柴油成本上升的影響，這個數字尤其令人印象深刻。第二季每噸現金毛利為 17 美元，低於 2025 年同期的每噸 20 美元。主要原因是實現價格為每噸 116 美元，較 2025 年第二季的每噸 123 美元下降 6%。

As Jason discussed, US high-vol markets remain weak. Despite Australian benchmark pricing improving more than $50 per ton year-on-year in Q2, US high-vol indices declined roughly $10 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.

如 Jason 所述，美國高揮發分市場仍然疲弱。儘管澳洲基準價格在第二季較去年同期上升超過每噸 50 美元，但美國高揮發分指數在同一期間卻下跌約每噸 10 美元。坦白說，鑑於我們看到高成本生產商出現的虧損程度，我們認為這種趨勢難以持續。

Our Q2 production levels fell modestly from the same period as last year as we continue to exercise discipline on production of higher cost operations in the face of challenging market conditions. As an example, we proactively idled one section at our high-vol Stonecoal Mine at our Elk Creek complex.

由於在艱困的市場環境下，我們持續對高成本作業的產量維持紀律，第二季產量較去年同期小幅下降。例如，我們主動讓 Elk Creek 綜合礦區的高揮發分 Stonecoal 礦場其中一個採區暫停運作。

In terms of financial results, Q2 adjusted EBITDA was $6 million compared to $9 million in Q2 of 2025. Class A EPS showed a $0.26 loss in Q2 versus a $0.29 loss in the same period of last year. Looking forward, we are providing a number of guidance updates related to our strategic shift to grow low-vol metallurgical coal production to roughly 50% of our overall slate.

就財務結果而言，第二季調整後 EBITDA 為 600 萬美元，低於 2025 年第二季的 900 萬美元。A 類每股盈餘（EPS）在第二季為虧損 0.26 美元，而去年同期為虧損 0.29 美元。展望未來，針對我們策略性轉向、將低揮發分冶金煤產量提升至約占整體組合 50% 的目標，我們提供多項指引更新。

Based on continued weakness in current market conditions, full year 2026 production guidance is now 3.6 million to 3.9 million tons, down from 3.7 million to 4.1 million tons.

基於目前市場狀況持續疲弱，2026 全年產量指引現調整為 360 萬至 390 萬噸，低於先前的 370 萬至 410 萬噸。

Full year 2026 sales guidance is being reduced accordingly to 4.0 million to 4.3 million tons, down from 4.1 million to 4.5 million tons. Despite lower production, we are maintaining the midpoint of our full year 2026 cash cost per ton sold guidance at $96 to $99 per ton versus $95 to $100 per ton previously.

2026 全年銷售量指引亦相應下修至 400 萬至 430 萬噸，低於先前的 410 萬至 450 萬噸。儘管產量降低，我們仍維持 2026 全年每噸銷售現金成本指引的中位數在每噸 96 至 99 美元（先前為每噸 95 至 100 美元）。

Now expect full year 2026 capital expenditures to be $92 million to $97 million versus $85 million to $90 million previously. This $7 million increase reflects spending this year on the Maben underground low-vol growth project that was recently approved by the Board. We are slightly adjusting other non-operational full year 2026 guidance, which can be found in our detailed guidance tables.

我們目前預期 2026 全年資本支出為 9,200 萬至 9,700 萬美元，先前為 8,500 萬至 9,000 萬美元。這增加的 700 萬美元反映了今年在 Maben 地下低揮發分成長專案上的支出，該專案近期已獲董事會核准。我們也對其他非營運項目的 2026 全年指引做了小幅調整，詳見我們的指引明細表。

For the third quarter of 2026, we anticipate coal shipments of between 950,000 to 1.1 million tons, with the ability to increase this figure depending upon market conditions. We also expect third quarter cash costs to trend towards the higher end of the full year range on the back of continued elevated diesel costs related to the Iranian conflict.

對於 2026 年第三季，我們預期煤炭出貨量介於 95 萬至 110 萬噸之間，並可視市場狀況提高此數字。我們也預期第三季現金成本將因與伊朗衝突相關、持續偏高的柴油成本，而趨向全年區間的高端。

In summary, we are financially well-positioned to move forward in multiple directions as we navigate the continued challenging met coal markets and strongly advance our emerging critical minerals business.

總結而言，在我們因應持續艱困的冶金煤市場之際，同時也大力推進新興的關鍵礦物業務，我們在財務上具備良好條件，可朝多個方向前進。

With that, I would like to now turn the call back to the operator for the question and answer session of this call.

接下來，我想把電話交回給接線員，進入本次電話會議的問答環節。

(Operator Instructions) Brian Lee, Goldman Sachs.

（接線員指示）Brian Lee，高盛。

Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. Super helpful commentary on the met coal market. Looks like met coal pricing in the US has declined a bit so far in Q3, but has remained relatively stable. Curious how you are thinking about your realized price in the back half here. Is it fair to assume limited upside to your realized prices until that broader shift towards the low-vol market materializes?

嗨，各位。我是代替 Brian 的 Tyler Bisset。謝謝你們回答我們的問題。你們對冶金煤市場的評論非常有幫助。看起來美國冶金煤價格在第三季迄今略有下滑，但整體仍相對穩定。想請教你們如何看待下半年實現價格的走勢。是否可以合理假設，在更廣泛轉向低揮發分市場的變化真正發生之前，你們的實現價格上行空間有限？

Yeah. Hi, Tyler. This is Jason. I would say that is correct. As I mentioned, we have got about 1.3 million tons, index-linked across a broad spectrum of indices in the back half. Of course, the remainder of our committed tons being domestic at a fixed price. Yeah, I think that is a correct statement there, given where they are at today. Until we see some movement upwards, at least in the US indices, they are relatively flattish.

是的。嗨，Tyler。我是 Jason。我會說這個判斷是正確的。如我提到的，下半年我們大約有 130 萬噸是與指數連動，涵蓋相當廣泛的指數範圍。當然，其餘已承諾的噸數則是以國內固定價格銷售。是的，考量目前的水準，我認為你的說法是正確的。在我們看到至少美國指數出現上行之前，它們大致上會維持相對平坦。

Tyler, it is Jeremy. One thing I might add, our guidance tables are as of June 30. Since then, we have been able to layer in some incremental domestic tonnage, both as you know, steel capacity utilization's running pretty high right now at multi-year highs. At the same time, we've seen a couple of suppliers fall down. I do think that will help offset some of the weakness in the indices that we're seeing.

Tyler，我是Jeremy。我可能要補充一點，我們的指引表是截至6月30日。自那之後，我們已經能夠再疊加一些額外的國內噸數；如你所知，目前鋼鐵產能利用率正處於多年高點、維持在相當高的水準。同時，我們也看到有幾家供應商出狀況、供應下滑。我確實認為，這將有助於抵消我們在指數上看到的一些疲弱。

Awesome. Thank you. Also appreciate all the color on the offtake discussions. Can you provide any more details on when we can expect to see some more meaningful MOU offtake announcements?

太棒了。謝謝。也很感謝你們就承購（offtake）討論提供的各種細節。你們能否再提供一些資訊，說明我們何時可以期待看到更具實質意義的MOU承購公告？

Also, curious how early customer feedback has been regarding the new timeline and flow sheet. What needs to happen to turn these MOU agreements to more finalized and binding agreements, especially in relation to making a potential FID at some point.

另外也想了解，客戶對於新的時程與流程圖（flow sheet）的初期回饋如何。要讓這些MOU協議轉為更最終且具約束力的協議，需要發生哪些事情？尤其是與未來某個時間點可能做出FID（最終投資決定）相關的部分。

Just lastly, how concerned are customers regarding the upcoming expiration of the China rare earth export control suspension in November? Thank you.

最後，客戶對於11月中國稀土出口管制暫停措施即將到期這件事，有多擔心？謝謝。

Orin, you want to start on that, and then I'll add some remarks.

Orin，你要先回答這題嗎？然後我再補充一些說明。

Yeah, sure. Let me try to chop down some of those questions. Regarding sort of timing and MOUs, we expect to announce some of these as we progress towards the end of the year. Those would be with this year.

好，當然。我試著把其中幾個問題簡化一下。關於時程與MOU，我們預期在今年接近年底的進展過程中，會公告其中一些。這些會是在今年內。

As far as customers' response to our timing, I think everybody, ourselves included, would love to have all of these minerals on the market yesterday. It is also understood that if you're building a large-scale refinery and working timelines to catch up, China is 30 years ahead of us, that these things will take time. The market is pretty understanding, and they want to secure long-term domestic supplies.

至於客戶對我們時程的反應，我想大家（包括我們自己）都希望昨天就能把這些礦物全部推向市場。但大家也理解，如果你要建一座大型精煉廠、並在時程上追趕，中國在這方面領先我們30年，這些事情需要時間。市場相當能理解，而且他們希望確保長期的國內供應。

Regarding your question with the concerns around the Chinese export ban, I think it's pretty well established that export ban or no, that China has kind of showed their hand on their willingness to use rare earths as a geopolitical weapon.

關於你提到對中國出口禁令的疑慮，我想已經很明確：不論是否有出口禁令，中國某種程度上已經表明他們願意把稀土當作地緣政治武器。

For anybody that has a manufacturing process that needs stability, they are not going to be a chosen partner. Outside of even discussions of stability supported by public arrangements, private companies are realizing that they need to step into that kind of stability as well and to look for domestic supplies.

對任何需要供應穩定性的製造流程而言，他們不會是首選合作夥伴。即便不談由公共安排所支撐的穩定性，民間企業也正在意識到，他們同樣需要主動建立那種穩定性，並尋找國內供應。

I think also, I'll chime in on your question about the investment decision. We are far away from that point. I think the typical engineering critical path would tell you after the PFS study, that would provide most of the engineering and final cost numbers that would put it on the table as to what it would look like from the standpoint of just CapEx and presumably OpEx as well.

另外我也補充你關於投資決策的問題。我們距離那個時間點還很遠。我認為典型的工程關鍵路徑會告訴你，在PFS（初步可行性研究）之後，才會提供大部分工程內容與最終成本數字，讓我們能把它攤在桌面上，從資本支出（CapEx）的角度、以及推定的營運支出（OpEx）來看會是什麼樣子。

As Orin touched on, obviously, we're going to be hopefully lining up a number of procurement arrangements between now and then. Then I think depending upon how this thing looks from a potential cash flow potential, we'll probably have different options we can consider, be they governmental or private, in terms of the financing approach.

如Orin提到的，顯然我們希望在那之前，能夠陸續敲定多項採購安排。接著我想，取決於這個案子潛在現金流的樣貌，我們可能會有不同選項可考量，不論是政府或民間，在融資方式上都可能。

As I said, with 75% margins at this point, without really putting in any layering for enhancement from e-waste or other types of opportunities, financially, at least on paper, it stands up as a pretty strong project. What you have to do between now and then is actually put some reality behind that, which comes from the standpoint of primarily procurement and optimization of all the engineering and construction costs. I'd say if we were talking probably next summer, that would be a point that I think we would have a little bit more intelligent dialogue on investment decisions.

如我所說，以目前75%的毛利率來看，而且還沒有把來自電子廢棄物（e-waste）或其他機會的增益納入，至少在紙面上，財務上它是一個相當強的專案。你接下來要做的，是把這些數字落實到現實中，主要來自採購端，以及把所有工程與建造成本做最佳化。我會說，如果我們談到大概明年夏天，那會是一個我們能就投資決策進行更有內容對話的時間點。

Matthew Key, Texas Capital.

Matthew Key，Texas Capital。

Hi, good afternoon. Thanks for taking my questions. I had a follow-up on the offtake discussions. One of the major changes from the Hatch Report was the addition of high purity alumina and silica to the product mix. I was wondering if you anticipate any challenges in securing offtake agreements for HPA or HPS, just given the size of the production? Should it be pretty similar to what you're going through with REE and any other rare earth elements? Thank you.

嗨，午安。謝謝讓我提問。我想追問一下承購（offtake）討論。Hatch報告的一個重大變更，是在產品組合中加入高純度氧化鋁（HPA）與高純度二氧化矽（HPS）。考量到產量規模，我想請問你們是否預期在為HPA或HPS取得承購協議時會遇到任何挑戰？這會不會和你們在稀土氧化物（REE）及其他稀土元素上的進展大致相同？謝謝。

I'll let Orin start. Mike can comment.

我先請Orin回答。Mike也可以補充。

Yeah. In short, this is a product that has demand across a number of sectors, so it is not dissimilar to the marketing efforts that we're making for our other products. No, we do not expect it to be any different in our discussions with offtake counterparties for HPA or HPS.

好。簡單說，這個產品在多個產業領域都有需求，因此與我們對其他產品所做的行銷努力並沒有太大不同。不，我們不預期在與HPA或HPS的承購對手方討論時會有任何不同。

Mike, you want to touch on anything further?

Mike，你還想補充什麼嗎？

Got it. Yeah, look, I think the beauty of this flow sheet for this style of deposit is we have the ability to turn it up or down without changing what goes through the plant. We're only producing about 5% as final products, HPA and HPS, and we're regenerating chlorine from the rest of it. The aluminum chloride, we have the ability to produce more, or we can use it to recycle chlorine. That gives us quite a bit of flexibility.

了解。是的，你看，我認為這套流程圖對這類型礦床的優點在於：我們可以在不改變進入工廠處理物料的前提下，把產量往上或往下調。我們最終產品中，HPA和HPS只占大約5%，其餘部分我們會再生氯。氯化鋁方面，我們有能力生產更多，或者也可以用它來回收氯。這讓我們具備相當大的彈性。

Got it. No, that's very helpful. Just to wrap up, I wanted to ask about the upside potential for e-waste. Could you maybe just help me understand the potential benefit there from a financial or operational impact?

了解。不，這非常有幫助。最後我想問一下電子廢棄物（e-waste）的上行潛力。你能否協助我理解，從財務或營運影響的角度，這可能帶來的好處是什麼？

I'll let Mike start on the operations side, and maybe Jeremy touch a little bit on the financial side. Go ahead, Mike.

我先請Mike從營運面回答，然後也許Jeremy再談一點財務面。Mike，你先請。

I would say that e-waste recyclers are typically targeting precious metals, and then they're left with a material that they're less interested in because it's more difficult to process. That's really the material we're targeting, high gallium, high germanium, e-waste.

我會說，電子廢棄物回收商通常鎖定的是貴金屬，然後他們會剩下一些他們比較不感興趣的材料，因為那更難處理。我們真正鎖定的就是那類材料：鎵含量高、鍺含量高的電子廢棄物。

We've done some analysis internally. Only small amounts of this material can make a significant difference in terms of the financials. As Orin said, we're sourcing these materials so we can do some testing, assaying on it, better understand the quantities that are out there, what's the metallurgical response through our flow sheet, and then we hope to include this in future studies.

我們內部做過一些分析。只要少量這種材料，就能在財務表現上帶來顯著差異。如Orin所說，我們正在尋找這些材料來源，以便做一些測試與化驗（assaying），更好地了解市場上可取得的數量、以及在我們流程圖中的冶金反應，然後我們希望在未來的研究中把這部分納入。

Jeremy go ahead.

Jeremy，你請。

Very good question. What I would say is we can't really give specifics at this point until we're a little bit further along the process, but we believe it will be very meaningful, in terms of everything from NPV, IRR, payback, cash flows, margins, et cetera, to the point where we plan on certainly having an interim study out with e-waste economics, certainly before the end of the year. We wouldn't do that if we didn't think it was material.

非常好的問題。我想說的是，在流程再往前推進一些之前，我們目前還無法提供具體數字；但我們相信它會非常有意義，涵蓋從NPV（淨現值）、IRR（內部報酬率）、回收期、現金流、利潤率等等各方面。因此我們計畫在今年年底前，發布一份包含電子廢棄物經濟性的階段性研究。如果我們不認為它具實質性影響，就不會這麼做。

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

Hi. Thanks very much for taking my question. I had some questions on the updated report that you put out last week. Curious about what seems like a pretty significant shift in end markets now, about 75% of projected revenue from the Brook Mine is going to be tied to semiconductors and high-end chip making.

嗨。非常感謝讓我提問。我對你們上週發布的更新報告有一些問題。我很好奇，終端市場似乎出現相當顯著的轉變：目前預估來自Brook礦的營收約75%將與半導體及高階晶片製造相關。

Can you talk a little bit about how that came to be? Is that simply the result of the updated carbochlorination process and just simply being able to better extract some of those metals like gallium and germanium? Is there a little bit of maybe a strategic shift in aligning with some of those high-end growth verticals that those minerals are going to be serving? Thank you.

你能稍微談談這是如何形成的嗎？這是否只是更新後的碳氯化（carbochlorination）流程所帶來的結果，讓你們能更好地萃取像鎵和鍺這類金屬？另外，是否也有一些策略上的轉變，去對齊那些這些礦物將服務的高端成長垂直領域？謝謝。

Yeah. I think what we learned as the project was developing, and we were doing more geological, mineralogical analysis, metallurgical testing was, we have a kaolinite clay that could potentially generate revenue in this flow sheet that we weren't capitalizing on the previous flow sheet.

是的。我想我們在專案推進過程中學到的是，隨著我們做了更多地質、礦物學分析與冶金測試，我們有一種高嶺石黏土，在這個流程中可能可以帶來收入，但在先前的流程設計裡我們並沒有把它納入、也沒有加以變現。

As you alluded to, we're getting better recoveries with this flow sheet and when we're able to produce an expanded suite of products that are meaningful. We view this flow sheet as the right fit for this deposit because of its geology and mineralogy.

如你所提到的，透過這個流程我們的回收率更好，而且我們能夠生產一套更完整、且具有實質意義的產品組合。基於該礦床的地質與礦物學特性，我們認為這個流程最適合這個礦床。

As mentioned, it's a proven technology in the titanium industry currently. Back in the 1970s and 1980s, there was pilot testing done on alumina type ores, and it was successful technically. Of course, they were targeting one commodity product, aluminum, which was lower price. With our basket and the increased materials that we can produce, that's why it makes a difference economically for us.

如前所述，這在目前的鈦產業中是一項已被驗證的技術。早在1970與1980年代，曾針對氧化鋁類礦石進行過中試（pilot）測試，且在技術上是成功的。當然，當時他們鎖定的是單一商品產品——鋁——其價格較低。而以我們的產品籃子，以及我們能生產的材料種類增加，這就是為什麼在經濟性上對我們而言會產生差異。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Hey, guys. Thanks for the time. I was curious with respect to the timing of Brook Mine. I think you guys hit on it a couple of different times that you think the initial expectations for, I think, 2031 could prove a little conservative. I was hoping you guys could maybe elaborate on what some of the early identified levers could be to accelerate some of that timing.

嗨，各位。謝謝撥冗。我想請教關於 Brook Mine 的時程。我想你們在幾個不同的地方都有提到，你們認為最初對於——我想是2031年——的預期可能偏保守。我希望你們能再多說一些，哪些已經初步辨識出的槓桿，可能可以用來加速這個時程。

Yeah. Mike, go ahead.

好的。Mike，你來回答。

Yeah, sure. I suppose what's changed from last year at this time is the large power transformers have a long delivery time, from two to four years. We've got independent opinions on that from more than one engineering firm.

好的，當然。我想相較於去年這個時候，改變之處在於大型電力變壓器的交期很長，約兩到四年。我們從不只一家工程公司取得了獨立意見，確認了這點。

The reason for that is these things are highly customized, manufacturing capacity currently limited, and competition with AI data centers, renewable energy products. What that looks like in a year from now, perhaps it gets better, and I think that could be an opportunity. That's the main driver of what's caused the schedule to push out is supply chain related to large power transformers.

原因是這些設備高度客製化，目前製造產能有限，且還要與 AI 資料中心、再生能源產品等需求競爭。至於一年後會是什麼情況，也許會改善，而我認為那可能是一個機會。造成時程往後推的主要驅動因素，就是與大型電力變壓器相關的供應鏈問題。

Got it. Understood. Thanks for that detail. For my follow-up, you guys have noted being active on the buyback front so far this year. Stock's kind of below levels that you guys have executed at. Is that a relatively safe conclusion that we should expect you to continue to be active on the buyback? Just in general, how comfortable are you guys leaning into that considering capital spending needs of the existing business and Brook Mine over the next couple of years?

了解。明白。謝謝你提供這些細節。我的追問是，你們提到今年以來在回購方面相當積極。股價目前大概低於你們先前執行回購的水準。我們是否可以相對有把握地推論，你們會持續積極進行回購？更一般地說，考量到既有業務以及未來幾年 Brook Mine 的資本支出需求，你們在加大回購力道方面有多大的把握與舒適度？

Yeah. We kind of consider our spend in a pretty holistic fashion. The board approved a $100 million buyback. We've spent about two-thirds of that. We remain with the optionality and dry powder to do more buybacks should we so choose. Of course, we've also announced that we wanted to layer in a little more low-vol production given where we saw the market.

是的。我們會以相當整體、全面的方式來看待資金支出。董事會核准了一項1億美元的回購計畫。我們已經花了大約三分之二。我們仍保有選擇權與充足的「乾火藥」（可動用資金），若我們選擇的話可以進一步回購。當然，我們也宣布希望在看到市場狀況後，增加一些低揮發度（low-vol）的產量配置。

That's about a $25 million spend. I think we'll try to balance them as we go forward to see what works. Obviously, deploying capital for balance sheet purposes gives you one kind of payback, so to speak. Funding behind longer-term assets provide a runway for earnings capability out into the future. We want to try to balance both considerations and obviously not tip our hands beyond what we've said already about production.

那大約需要2,500萬美元的支出。我想我們會在往前推進時嘗試在兩者之間取得平衡，看看哪種做法最有效。顯然，為了資產負債表目的而部署資本，某種程度上會帶來一種回報。而投入資金到較長期的資產，則能為未來的獲利能力提供更長的跑道。我們希望在這兩項考量之間取得平衡，並且顯然不會在我們已經談到的產量規劃之外透露更多。

Nick Giles, B. Riley.

Nick Giles，B. Riley。

Yeah. Thank you. I was just hoping to follow up on that last question and maybe zooming out a bit. Ramaco's undergone an internal reorganization, was curious for your latest thoughts on a potential separation of the rare earths business. When could something like this make sense? How should investors think about the ultimate equity check that will contribute to the Brook Mine on a fully developed basis?

是的。謝謝。我想延續上一個問題並把視角拉遠一些。Ramaco 進行了內部重整，我想了解你們對於可能分拆稀土業務的最新看法。什麼時點做這件事會比較合理？投資人應該如何看待在完全開發的情境下，將投入 Brook Mine 的最終股權資金（equity check）規模？

I think the way I would look at it, you've really asked two questions. One is the reorg. We've already telegraphed that we're kind of aligning ourselves so that we'll have different silos. One's obviously a met silo, one's potentially a critical mineral silo, which frankly might break down into two pieces. One would be refining, and one would be mining and marketing.

我認為可以這樣看，你其實問了兩個問題。第一個是重整。我們已經釋出訊號，我們正在做某種程度的對齊，讓我們會有不同的事業「縱向/筒倉」（silos）。其中一個顯然是冶金煤（met）筒倉，另一個可能是關鍵礦物筒倉，而坦白說它可能還會再拆成兩部分。一部分是精煉（refining），另一部分是採礦與行銷（mining and marketing）。

Kind of mirroring again, what we've got in the East. The other silo would be sort of our royalty interests, which would include obviously the reserve assets in the East, the Brook Mine reserves out here, and infrastructure assets. That's how we're aligning ourselves. In terms of pulling the trigger on any of that, just as a normal capital market transaction sketch, you would probably want to execute on those when you have a little bit more risk mitigation to each silo.

某種程度上再次呼應我們在東部的架構。另一個筒倉會是我們的權利金（royalty）權益，這會包括東部的儲量資產、這邊 Brook Mine 的儲量，以及基礎設施資產。這就是我們正在對齊的方式。至於何時對其中任何一項「扣下扳機」去執行，按照一般資本市場交易的輪廓，你可能會希望在各個筒倉的風險更進一步被降低之後再去做。

Obviously, some revenue hopefully behind each one of those particular numbers. That's kind of a gauzy answer to a question of when, but it's a fairly straightforward one in the sense that you don't want to separate things until they're ready to stand on their own. In terms of equity checks, I think it's going to be a question of how we actually break this financing down, which we've got quite a ways to walk before we decide which direction makes the most sense.

顯然，希望每一個筒倉背後都能有一些收入支撐各自的數字。這對「何時」的回答有點模糊，但邏輯其實很直接：在它們準備好能夠獨立運作之前，你不會想把它們分拆出去。至於股權資金投入（equity checks），我認為這將取決於我們實際上如何拆解這筆融資結構；在我們決定哪個方向最合理之前，還有很長一段路要走。

There are some opportunities to do things which don't require equity checks. Those are more sort of sovereign oriented type financings, and there are things which would require equity checks. How that equity comes in, be it in the form of procurement arrangements, perhaps with advanced payments, other types of supplier arrangements, co-ventures, et cetera. We're a little ahead of ourselves on that one right now, at least on the private side.

有一些機會是可以做一些不需要股權資金投入的安排。那些比較偏向主權（sovereign）導向的融資類型；也有一些安排會需要股權資金投入。而股權資金要如何進來——不論是以採購安排的形式、也許搭配預付款，或其他類型的供應商安排、合資（co-ventures）等等。就這一點而言，我們現在談得可能還太早，至少在私部門這一側是如此。

I appreciate all that, Randy. Maybe just one of those items I think you're suggesting is obviously offtake. In terms of definitive offtake agreements, do you think that those will require some sort of sampling from the pilot plant, or could we see something definitive before we kind of get those initial samples?

我很感謝你說明這些，Randy。我想你提到的其中一項顯然是承購（offtake）。就簽署具約束力的承購協議而言，你認為這會需要先從中試工廠取得某種形式的樣品，還是我們可能在拿到初始樣品之前就看到一些具體定案的協議？

Yeah. Look, I think in terms of offtake, we're having discussions as we speak. We will have MOUs out in the near term, that is well before. When I say near term, certainly over the coming weeks and months. Obviously that's well before samples from the pilot plant. You've seen many deals in the critical mineral space based on some process that may or may not be successful multiple years out.

是的。你看，就承購而言，我們此刻正在進行討論。我們會在近期推出一些 MOU（合作備忘錄），也就是遠早於那個時間點。我所謂的近期，肯定是在接下來幾週到幾個月內。顯然，那會遠早於中試工廠的樣品出來。你也看過很多關鍵礦物領域的交易，是基於某個可能成功、也可能不成功的流程，而那往往要好幾年之後才見分曉。

These deals are subject to obviously quality parameters, successful testing, et cetera. Between now and the time that the pilot plant is producing samples, we are confident that we'll be able to do significant, whether it be offtake, financing, et cetera, areas that we can de-risk this. Of course, it'll be subject to quality testing from the pilot plant, but that's just part of the normal course of business.

這些交易顯然都需符合品質參數、測試成功等等條件。從現在到試驗工廠開始生產樣品之間，我們有信心能在多個面向取得實質進展——不論是承購協議（offtake）、融資等等——以降低這項計畫的風險。當然，仍需以試驗工廠的品質測試為準，但那只是正常營運流程的一部分。

Understood. Thanks for that, Jeremy. Maybe just one more, if I could. Just on your kind of low-vol output more broadly, obviously it's going to be growing here in the coming quarters. Just what's your appetite to reserve some of that low-vol production or incremental low-vol production for the domestic markets versus preserving some for export? Thanks.

了解。謝謝你，Jeremy。如果可以的話，我再問最後一個。就你們整體低揮發份（low-vol）產出而言，顯然未來幾季會成長。你們在國內市場保留部分低揮發份產量或新增低揮發份產量，與保留部分用於出口之間，偏好如何取捨？謝謝。

Yeah. Hey, this is Jason. Good question. As Chris mentioned in his remarks, this Maben reserve, given both its geography and its geology is a higher CSR type southern West Virginia, low-vol that we've already seen trial extremely successfully into the domestic market here this year. I suspect there'll be strong demand for it for 2027 as we get further along in discussions with the customers there. Certainly on the export side, it's got value as well.

是的。嗨，我是Jason。好問題。如Chris在發言中提到，Maben這個儲量區因其地理位置與地質條件，屬於西維吉尼亞州南部較高CSR類型的低揮發份煤；我們今年已在國內市場進行試燒，結果非常成功。我猜想，隨著我們與客戶的討論更深入，2027年對它的需求會很強。當然，在出口端它也有價值。

As I mentioned, we've got a trial that'll be starting soon in India. There's a trial quantity that's been requested for Northeast Asia in Q4. We've seen excellent CSR testing results on the coal as well. On the export side, it's also an offset against our already existing NS platform on demurrage costs, on blending up qualities, things of that nature. It's got a lot of.

如我提到的，我們很快會在印度開始一項試燒。第四季也有東北亞客戶要求一批試用數量。我們也看到這款煤的CSR測試結果非常優異。在出口端，它也能在滯期費（demurrage）成本、提升混煤品質等方面，對我們既有的NS平台形成對沖。它有很多……

It has positive aspects to it as it comes into our book. I'd suspect, in a nutshell, it's going to play in both markets very well. It just depends on where that final value lands, as we get further into discussions on next year and further along in discussions on additional trial cargoes overseas.

當它納入我們的銷售組合時，確實有不少正面效益。簡而言之，我預期它在國內與出口兩個市場都會有很好的表現。最終取決於我們在明年合約談判，以及與海外更多試運貨（trial cargoes）討論更深入後，價值落點在哪裡。

Once again, if you would like to ask a question, please press star and one. Nathan Martin, The Benchmark Company.

再次提醒，若您想提問，請按星號再按1。Benchmark Company 的 Nathan Martin。

Thanks, operator. Good morning, everyone. Just following up on that domestic question. Jeremy, I think you mentioned adding some domestic tonnage for this year since quarter end. Should we expect that to be at similar pricing to the 138 you guys have now for your current commitments? And then how many domestic tons do you expect to ship in the back half of the year versus what you guys' ship in the first? Thanks.

謝謝，接線員。各位早安。我想延續剛才關於國內市場的問題。Jeremy，我記得你提到在本季季末之後，今年又增加了一些國內噸數。我們是否應預期其定價會與你們目前承諾的每噸138美元左右相近？另外，今年下半年你們預計出貨多少國內噸數，相較於上半年出貨量如何？謝謝。

Hey, Nate, this is Jason. Yeah, on the pricing side there, it's largely in line with what we already booked there. We're just rolling additional tons onto some existing contracts there with existing customers for this year.

嗨，Nate，我是Jason。是的，就定價而言，大致與我們先前已簽訂的價格一致。我們只是把額外的噸數加到今年與既有客戶的部分現有合約上。

Again, as Jeremy mentioned, just to pick up some slack from some of these other operations that have either fallen away or continue to struggle. In the back half, it'll be incrementally up. It should be a higher proportion, as Jeremy mentioned earlier also, of our sales in the back half, tonnage-wise.

同樣如Jeremy提到的，主要是為了補上其他一些營運單位不是退出、就是持續面臨困難所留下的缺口。下半年會有增量提升。而且如Jeremy先前也提到，就噸數而言，下半年在我們銷售中的占比會更高。

On that front, based on the 1.1 million tons in the guidance tables, it would've been about pro rata, call it about 550,000 domestic tons shipped in the first half of the year, pretty evenly split Q1 and Q2. As we said, we've been able to layer on some additional tons. It'll be up 100,000+, give or take. Obviously, we'll update the guidance tables next quarter.

就這點來看，依照指引表中的110萬噸，按比例推算，上半年國內出貨大約是55萬噸，第一季與第二季分布相當平均。如我們所說，我們已能再疊加一些額外噸數。大概會增加10萬噸以上，視情況上下浮動。當然，我們會在下季更新指引表。

All right. Very helpful, guys. Appreciate that. Coming to the cost side of the met coal business. Chris, I think you said that diesel expense or higher diesel expense added roughly $3 a ton versus your original expectation. Maybe first just to confirm that. You also mentioned with the rail load out expected to open at Maben, I think, in the fourth quarter, that should reduce overall operations cost per ton by about $2 versus current operations.

好。非常有幫助，各位。感謝。我想轉到冶金煤（met coal）業務的成本面。Chris，我記得你說柴油費用或柴油費用上升，相較你們原先預期大約每噸增加3美元。先請確認是否如此。你也提到，Maben的鐵路裝車設施預計在第四季啟用，這應可使整體營運每噸成本相較目前作業降低約2美元。

Again, confirm those are correct. Just as we think about how that could apply to 2027. Again, you guys have done a good job offsetting those diesel costs this year, maintaining full year cost per ton guidance. Is it reasonable to assume then in 2027, cost per ton should come down? Just kind of doing the math, maybe to the mid-90s.

再請確認以上是否正確。並請談談這對2027年的影響。你們今年在抵銷柴油成本方面做得很好，仍維持全年每噸成本指引不變。那麼合理的推論是，到了2027年每噸成本應該會下降嗎？我大概算一下，可能會降到每噸90多美元中段。

Want to address the first part, I'll go through the second part about 2027. Chris?

我先回應問題的第一部分，第二部分關於2027我再說。Chris？

Yeah. I was trying to figure which part of that question to tackle first. Your verification on the math is about right. So far this year, through seven months, the increased cost of diesel fuel both as a direct purchase and as the sort of diesel fuel escalators on trucking and rails, has increased our cost by about $3 a clean ton from where we would've been had diesel stayed flat year-over-year.

好的。我在想要先回答哪一段。你對數學驗算大致是對的。今年截至目前、前七個月，柴油燃料成本上升——不論是我們直接採購，或是卡車與鐵路運輸中的柴油燃料調整條款（escalators）——使我們的成本相較於若柴油年對年持平的情況，每清潔噸（clean ton）約增加3美元。

We're roughly a little over a dollar all in per dollar of diesel fuel cost increase or decline. You might have to do a little bit of rounding on the Maben load out. Essentially, if you've got a little over 300,000 tons of annual production currently at Maben and you're saving $20 a ton on that in our total 4.1 book of sales, there's a little rounding there, but that's how you get to a weighted average reduction of, it's a little less than two, but it rounds up to $2 a ton.

整體而言，柴油每上升或下降1美元，我們的成本大約會變動略高於1美元。至於Maben裝車設施，你可能需要做一點四捨五入。基本上，若Maben目前年產量略高於30萬噸，而你在我們總計410萬噸的銷售組合中，對那部分每噸節省20美元，中間會有些取整，但這就是加權平均降幅的來源——略低於2美元，但四捨五入約為每噸2美元。

Yeah. To tackle 2027, Nate, it's a good question. I don't think we're ready to give formal guidance at this point, but I guess the way I think about it is, if you normalize diesel, we're running about in the mid-90s right now. When the rail load out at Maben comes online, you're right that basically saves another $1 or $2 a ton company-wide.

是的。談到2027，Nate，這是個好問題。我們目前還沒準備好提供正式指引，但我的看法是：如果把柴油因素正常化，我們目前大約是在每噸90多美元中段。當Maben的鐵路裝車設施上線後，你說得對，基本上公司整體又能再省每噸1到2美元。

Obviously we are layering in low-vol tons next year, which I would say cost-wise are slightly above kind of our current costs. But as Randy noted from a margin perspective, if we were selling spot today from those incremental tons, it'd be about double what we're getting. Obviously some puts and takes next year, but I think at least conceptually, you're thinking about the view conceptually correct.

當然，我們明年會加入低揮發份噸數，我會說其成本面略高於我們目前的成本水準。但如Randy從毛利角度所指出，如果今天以現貨價格出售那些新增噸數，價格大約會是我們目前取得的兩倍。明年會有一些增減因素，但至少在概念上，你的推論方向是對的。

With that, ladies and gentlemen, we'll be concluding today's question and answer session. I'd like to turn the conference call back over to Chairman and CEO, Randall Atkins, for closing remarks.

各位女士先生，今天的問答環節到此結束。我想把電話會議交回給董事長兼執行長 Randall Atkins 作結語。

Yes. Well, again, I appreciate everybody being on the call today, and we will look forward to updating people as we move forward. Thanks very much.

是的。再次感謝各位今天參與電話會議，我們也期待在後續推進過程中持續向大家更新。非常感謝。

With that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

至此，我們結束今天的電話會議與簡報。感謝各位參與。您現在可以掛斷電話線。