Ramaco Resources Inc (METCB) 2025 Q2 法說會逐字稿

Good day, and welcome to the Ramaco Resources second quarter 2025 results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Ramaco Resources 2025 年第二季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給財務長 Jeremy Sussman。請繼續。

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our second quarter 2025 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; Chris Blanchard, our EVP for Mine Planning and Development; Jason Fannin, our Chief Commercial Officer; and the newest member of our Executive Committee, Mike Woloschuk, our EVP of Critical Mineral Operations.

謝謝。我謹代表 Ramaco Resources 歡迎大家參加我們的 2025 年第二季財報電話會議。今天早上與我一起出席的有我們的董事長兼首席執行官 Randy Atkins、礦山規劃與開發執行副總裁 Chris Blanchard、首席商務官 Jason Fannin，以及執行委員會的最新成員、關鍵礦產運營執行副總裁 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.

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

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

任何前瞻性陳述僅代表其作出之日的觀點，除法律要求外，Ramaco 不承擔更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。我想提醒您，您可以在我們的新聞稿中找到我們今天計劃討論的非 GAAP 財務指標的對帳表，您可以在我們的網站 www.ramacoresources.com 上查看。

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

最後，我鼓勵參加電話會議的每個人都訪問我們的網站並下載今天的投資者簡報。

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

話雖如此，請允許我介紹我們的董事長兼執行長蘭迪·阿特金斯 (Randy Atkins)。

Thank you, Jeremy. I want to first thank everyone for being with us this morning. We had an exceptionally busy quarter. I'll begin with the very recent, very positive events surrounding our Brook Mine critical mineral and rare earth business in Wyoming. The release of the summary of Fluor's preliminary economic analysis and an historic ribbon cutting at the Brook Mine in July have both garnered a great deal of attention.

謝謝你，傑瑞米。首先我要感謝大家今天早上的到來。我們度過了一個異常繁忙的季度。我首先要介紹的是懷俄明州布魯克礦關鍵礦產和稀土業務的近期積極事件。福陸公司初步經濟分析摘要的發布和 7 月布魯克礦的歷史性剪綵儀式都引起了廣泛關注。

These two events reinforce the concept that Ramaco has now embarked on transitioning to become a dual platform company unlike any in the United States. Our operations now embrace production of not only met coal, but also rare earths and critical minerals and their refinement ultimately to oxides. This transition has also resulted in a fundamental reset in our share price as the market has begun to view us in this new light.

這兩件事強化了這樣一個理念：Ramaco 現已開始轉型成為一家與美國任何公司都不同的雙平台公司。我們現在的業務不僅包括生產焦煤，還包括生產稀土和關鍵礦物，並最終將其提煉為氧化物。由於市場開始以新的眼光看待我們，這項轉變也導致我們股價的根本重置。

The Brook Mine is unique, both as a geologic mineral proposition, but also unique in our country's larger strategic quest to claim back, frankly, its own security. We hope and believe that this mine will produce a large and vital domestic supply of rare earth and critical minerals in the face of dominance by a malign foreign nation state.

布魯克礦場是獨一無二的，不僅因為它是一個地質礦產項目，而且在我們國家更大的戰略追求中也是獨一無二的，坦率地說，就是奪回自己的安全。我們希望並相信，面對惡意外國國家的控制，這座礦場將為國內提供大量重要的稀土和關鍵礦產供應。

Specifically, the Brook's distinctive geology facilitates not only a lower-cost REE production, but also a lower cost ultimate processing and refinement. The rare earth mine also combines with our met coal profile to create a unique growth story, combining two vital forms of now critical minerals. We will soon explore expanding our rare earth mine production profile to enlarge the annual production rate to a multiple of its currently permitted 2.5 million tons per annum.

具體來說，布魯克獨特的地質條件不僅有利於降低稀土元素的生產成本，而且有利於降低最終加工和精煉成本。稀土礦也與我們的冶金煤概況相結合，創造了獨特的成長故事，結合了兩種現在至關重要的礦物形式。我們很快就會探索擴大稀土礦生產規模，將年產量提高到目前允許的250萬噸的數倍。

We will similarly look to expand the oxide processing capacity to a larger level as well. At the same time, we will be exploring and developing the remaining roughly 11,000 acres or 2/3 of our reserve base to determine both the size and geological character of this massive deposit. We're has now defined the TREO base at 1.7 million tons on the roughly 4,500 permitted acres.

我們同樣將尋求將氧化物加工能力擴大到更大的水平。同時，我們將勘探和開發剩餘的約 11,000 英畝或 2/3 的儲備基地，以確定這一大型礦床的規模和地質特徵。我們現在已經將 TREO 基地確定為 170 萬噸，佔地約 4,500 英畝。

We expect this new exploration will substantially expand the known size of our reserve. As to the mine groundbreaking ceremony two weeks ago, I want to thank again all of the dignitaries for taking part in the opening of the country's first new rare earth mine in more than 70-years. The group was led by Secretary of Energy, Chris Wright, the entire Wyoming US Congressional delegation, as well as Wyoming's Governor, Mark Gordon.

我們預計這次新的勘探將大大擴大我們已知的儲量規模。關於兩週前的礦場奠基儀式，我要再次感謝所有嘉賓參加我國70多年來第一座新稀土礦的開工儀式。該代表團由能源部長克里斯·賴特、整個懷俄明州美國國會代表團以及懷俄明州州長馬克·戈登率領。

As I shared at the ceremony, with both the deposit size of over 1.7 million tons of rare earth oxide, and importantly with the only domestic slate of five of the seven recently banned rare earths from China, this mine has the potential to become an important bulwark to the supply chain challenge posed by China. This will be America's mine. Its production, refinement and sales will be on American soil.

正如我在儀式上所分享的，該礦不僅擁有超過170萬噸的稀土氧化物儲量，更重要的是，在中國最近被禁的七種稀土元素中，有五種是中國唯一的國產稀土元素，因此，該礦有潛力成為應對中國帶來的供應鏈挑戰的重要堡壘。這將是美國的礦場。其生產、提煉和銷售將在美國本土進行。

I will not dwell on the background of our critical mineral business other than to say we have been working on developing the Brook Mine since 2012, and with a particular focus on rare earths now for almost six-years. The mine is fully permitted. We began full-scale mine operations this June. We expect to begin pilot plant operations to take our ore to oxide this fall.

我不想詳述我們關鍵礦產業務的背景，只想說，我們自 2012 年以來一直致力於開發布魯克礦，近六年來我們一直專注於稀土礦。該礦已獲得全面許可。我們今年六月開始全面礦場運作。我們預計今年秋天將開始中試工廠的運營，將我們的礦石進行氧化。

And we will use our pilot operations to optimize the processing techniques for roughly about nine-months, which will then assist in the design engineering for our full commercial oxide facility. We hope to transition to construction of the full commercial facility by late next year. And dependent upon some potential acceleration on timing, we would expect to be in commercial oxide production and sales by 2028 or hopefully sooner.

我們將利用試點操作來優化大約九個月的加工技術，這將有助於我們完整的商業氧化物設施的設計工程。我們希望明年年底前完成整個商業設施的建設。並且取決於時間上的一些潛在加速，我們預計在 2028 年或更早實現商業氧化物的生產和銷售。

Over the past six-years plus, we have continued work on this unique opportunity with a combination of assistance from NETL as well as other third parties such as Weir and Fluor. In early June, I had the honor to personally meet with Secretary, Wright in Washington to brief him on the project. Given the critical importance of the mine to national security, he encouraged us to explore how the government and in particular, the Department of Energy could assist in accelerating and expanding both the timing as well as the production rate of the mine.

在過去六年多的時間裡，我們在 NETL 以及 Weir 和 Fluor 等其他第三方的協助下，不斷致力於這個獨特的機會。六月初，我有幸在華盛頓親自會見了賴特部長，並向他介紹了這個計畫的情況。鑑於該礦對國家安全的關鍵重要性，他鼓勵我們探索政府，特別是能源部如何協助加速和擴大礦場的開採時間和生產力。

Since the Brook Mine is the first and largest new mine and processing facility in the US, the federal government is now engaging with several agencies to assist Ramaco in moving this project forward. To this end, for three-days this week at the regional NETL headquarters in Oregon, we held an all-hands meeting of Ramaco's entire rare earth team with more than 20 Department of Energy personnel.

由於布魯克礦是美國第一個也是最大的新礦和加工廠，聯邦政府目前正在與多個機構合作，協助拉馬科推進該計畫。為此，本週三天，我們在俄勒岡州 NETL 地區總部與 20 多名能源部人員舉行了 Ramaco 整個稀土團隊的全體會議。

These scientists and technicians were from NETL as well as the Lawrence Livermore Lab and Idaho National Lab. Mike Woloschuk, who is there with me for the entire time, will be speaking along that in a moment. The DOE's objective for the Brook Mine is to provide the full capacity of the National Lab's comprehensive testing and research capabilities to accelerate our entire mining and process development process.

這些科學家和技術人員來自 NETL 以及勞倫斯利弗莫爾實驗室和愛達荷國家實驗室。一直和我在一起的邁克·沃洛舒克 (Mike Woloschuk) 稍後會就此發表演講。美國能源部對布魯克礦的目標是充分利用國家實驗室的綜合測試和研究能力，加速整個採礦和製程開發過程。

This is somewhat unprecedented. The DOE will provide their wide-ranging resources to essentially become Ramaco's partner in all testing and critical path development of the exploration, processing, refinement and ultimate production of materials and metals at the Brook Mine. There will be more to discuss on that collaboration as we proceed further in the months ahead.

這在某種程度上是前所未有的。美國能源部將提供廣泛的資源，實質上成為 Ramaco 在布魯克礦的材料和金屬的勘探、加工、精煉和最終生產的所有測試和關鍵路徑開發的合作夥伴。在接下來的幾個月裡，我們將進一步討論這項合作事宜。

We are also now involved with the administration's National Energy Dominance Council on a variety of fronts. This council acts as the White House's coordinating arm to advance critical mineral development across multiple federal cabinet offices and agencies. We're now engaged with the council to advance discussions between Ramaco and several federal agencies, including the Department of Energy, of course, the Department of Defense, the Department of Interior and the National Security Agency.

我們現在還在多個方面參與政府的國家能源主導委員會的工作。該委員會作為白宮的協調機構，負責推動多個聯邦內閣辦公室和機構的關鍵礦產開發。我們目前正在與該委員會合作，推動拉馬科與幾個聯邦機構之間的討論，當然包括能源部、國防部、內政部和國家安全局。

Again, as those engagement proceeds, we will disclose specifics in due course. We are also now beginning to receive inquiries and meet with potential rare earth and critical mineral customers. We expect samples of various elements and oxides to be available for customer trials as we advance the pilot process. Jason Fannin will be speaking a bit later on the marketing and sales process that we are beginning to conduct.

再次，隨著這些合作的進行，我們將適時揭露具體細節。我們現在也開始接受詢問並與潛在的稀土和關鍵礦物客戶會面。隨著中試進程的推進，我們期望能夠獲得各種元素和氧化物的樣品供客戶試用。傑森範甯 (Jason Fannin) 稍後將會談到我們即將開始的行銷和銷售流程。

We are also broadening our bench of rare earth personnel and are actively hiring individuals with experience in both rare earth geology and processing. These operations will be conducted under the direction of Mike Woloschuk, our EVP of Critical Minerals, who, as many of you know, recently joined us after serving as the Global Head of Fluor's Critical Mineral Operations.

我們也正在擴大稀土人員隊伍，積極聘用在稀土地質和加工方面有經驗的人才。這些業務將由我們的關鍵礦產執行副總裁 Mike Woloschuk 指導進行，眾所周知，他最近加入了我們，此前他曾擔任 Fluor 公司關鍵礦產業務的全球主管。

In sum, we are rapidly taking steps to develop our REEs into a commercial business. We are also being provided strong encouragement and support from the Trump administration in this regard. During the pilot phase, we expect to better define the size of the capital investment as we optimize the processing flow sheet in advance further.

總之，我們正在迅速採取措施，將稀土元素發展為商業業務。在這方面我們也得到了川普政府的大力鼓勵和支持。在試點階段，我們預期透過提前進一步優化處理流程，以更好地確定資本投資的規模。

Fluor has, of course, provided a preliminary CapEx estimate subject to a broad contingency. That figure will be refined as we proceed through the design, engineering and procurement phase. As I said earlier, we will be studying how we can enlarge both the scope of the mining production level as well as processing capacity to achieve a much larger scale to the project to meet an obvious US demand.

當然，福陸公司已經提供了初步的資本支出估算，但要考慮廣泛的意外情況。隨著設計、工程和採購階段的推進，這個數字將會得到完善。正如我之前所說，我們將研究如何擴大採礦生產水準和加工能力，以實現更大規模的項目，以滿足美國的明顯需求。

We ultimately expect that investment capital for the new business will come from a variety of sources. This will include, of course, the internal use of Ramaco's own financial and balance sheet capabilities, but it may also include potential governmental and private customer assistance in various forms, including possible direct investment, long-term procurement, advanced payments and other contractual arrangements.

我們最終預期新業務的投資資本將來自多種來源。當然，這將包括內部使用 Ramaco 本身的財務和資產負債表能力，但也可能包括各種形式的潛在政府和私人客戶援助，包括可能的直接投資、長期採購、預付款和其他合約安排。

As with any project of this size and scope, we will proceed with funding that is backed by conventional third-party purchase and throughput commitments. We will not disclose any discussions involving potential investments or financings at this time. Turning to our met coal business, the past quarter again underscored how quickly the landscape can shift.

與任何這種規模和範圍的項目一樣，我們將透過傳統的第三方購買和吞吐量承諾來提供資金。我們目前不會透露任何涉及潛在投資或融資的討論。談到我們的冶金煤業務，過去一個季度再次強調了情況變化的速度有多快。

Met coal benchmark prices dropped roughly 25% year-on-year this past quarter. After bottoming in early June, the Chinese domestic coking coal prices staged somewhat of a textbook V-shaped recovery, driven less by headline production bans and more by a combination of deliberate softening in demand -- pardon me, in supply as well as targeted safety and environmental checks that slowed output.

上個季度，冶金煤基準價格較去年同期下降約 25%。在 6 月初觸底之後，中國國內煉焦煤價格出現了類似教科書式的 V 型復甦，推動其上漲的並非頭條生產禁令，而是需求（對不起，是供應）有意疲軟以及有針對性的安全和環境檢查導致產量下降等多種因素共同作用的結果。

Even with the sharp pullback we saw this week, prices are still materially above the June, July lows. Beijing's clear signal seems to be that it intends to rein in chronic domestic oversupply, which we hope lends some durability to the recent gains. The other moving parts of the met coal pricing equation are lining up in a similar fashion.

即使本週出現大幅回調，價格仍遠高於 6 月和 7 月的低點。北京方面發出的明確訊號似乎是，它打算控制國內長期供應過剩的局面，我們希望這能為近期的漲勢帶來一定的持久性。冶金煤定價方程式中的其他變動部分也以類似的方式排列。

Indian steelmakers remain solidly profitable, underpinning steady raw material demand. Australian exports out of Queensland have yet to fully normalize after weather and operational setbacks earlier in the year. US met coal producers have reduced production as pricing realizations are, in many cases, now below mine costs. Taken together, we see a healthier balance developing in the second half, albeit not yet a straight line.

印度鋼鐵製造商依然保持穩健的獲利，支撐了穩定的原料需求。由於今年早些時候的天氣和運營受挫，澳洲昆士蘭州的出口尚未完全恢復正常。由於許多情況下實際定價低於礦山成本，美國冶金煤生產商已減少產量。總體而言，我們預計下半年將出現更健康的平衡，儘管目前還不是直線型的。

Against that backdrop, we continue to focus on what we can control, and that is driving down mine costs and lifting productivity. Chris and Jeremy will speak to those points in a moment. This quarter also marks our second consecutive production record. Our mine cost dropped again this quarter by $5 to $103 from $108 in the second quarter of '24, and we expect to drive them further down in the back half of the year.

在此背景下，我們將繼續專注於我們能夠控制的事情，那就是降低採礦成本並提高生產力。克里斯和傑里米稍後會談論這些觀點。本季也是我們連續第二季創下產量紀錄。本季度，我們的礦場成本再次下降了 5 美元，從 2024 年第二季的 108 美元降至 103 美元，我們預計今年下半年礦場成本將進一步下降。

Nevertheless, the weak spot export pricing still outpaces our efficiency and mine cost gains. As a result, we are trimming full year sales guidance slightly simply to be prudent. To be clear, the adjustment is purely price driven. We will not place tonnage into an oversupplied spot market at negative margins. In short, in the met space, even while price volatility remains, we are cautiously optimistic that pricing will improve as we move through the back half of the year.

儘管如此，疲軟的現貨出口價格仍然超過了我們的效率和礦場成本效益。因此，出於謹慎考慮，我們略微下調了全年銷售預期。需要明確的是，調整純粹是由價格驅動的。我們不會以負利潤將貨物投放到供應過剩的現貨市場。簡而言之，在大宗商品領域，儘管價格波動依然存在，但我們謹慎樂觀地認為，隨著下半年價格走勢將會改善。

This is going to be through a combination of firmer Chinese fundamentals, a resilient Indian demand and constrained or even declining Australian and US supply. So to wrap up on a highly positive note, the bottom line is that we are rapidly moving forward with the multiyear process of transitioning Ramaco into becoming the only US dual platform in both rare earths as well as the metallurgic coal space.

這將透過中國基本面更加穩固、印度需求強勁以及澳洲和美國供應受到限制甚至下降等因素的共同作用來實現。因此，總結一下非常積極的情況，最重要的是，我們正在快速推進多年的轉型過程，將 Ramaco 轉變為美國唯一一家同時涉足稀土和冶金煤領域的雙平台。

We have a very unique business model and a unique and highly promising growth trajectory in both business lines. I feel strongly we will serve both our shareholders and our nation well as the years evolve. So with that, I'd like to turn the floor back over to the rest of our team to discuss finances, operations and markets.

我們在兩條業務線上都擁有非常獨特的商業模式和獨特且極具前景的成長軌跡。我堅信，隨著時間的推移，我們將更好地服務我們的股東和國家。因此，我想把發言權交還給我們團隊的其他成員，討論財務、營運和市場問題。

But first, I would like Mike Woloschuk, who leads our Critical Minerals business, to share some further thoughts on rare earths. So Mike, if you would continue.

但首先，我想請我們關鍵礦產業務負責人 Mike Woloschuk 分享一些關於稀土的進一步看法。那麼麥克，如果你願意繼續的話。

Thank you, Randy. I first want to say how exciting it is for me to be part of the Ramaco team. As Randy mentioned, I previously held the role of Global Head of Critical Minerals for Fluor, where I was involved in numerous rare earth and critical minerals development projects across the world. I've personally been working on the Brook Mine project since Q4 last year and decided to join Ramaco because I believe this project is the most promising rare earth project in North America.

謝謝你，蘭迪。首先我想說，成為 Ramaco 團隊的一員讓我感到非常興奮。正如蘭迪所提到的，我之前擔任福陸公司關鍵礦產全球主管，參與了世界各地的許多稀土和關鍵礦產開發項目。我個人從去年第四季開始就致力於 Brook Mine 項目，並決定加入 Ramaco，因為我相信這個項目是北美最有前景的稀土項目。

The Brook Mine project is unique across the landscape of rare earth projects, and this company is committed to advancing the Brook Mine into production. The advantages and opportunities associated with the Brook Mine development, first, the mine is already permitted, and we commenced mining in June. So that significantly reduces the development timeline of the project.

布魯克礦計畫在稀土計畫中獨樹一幟，該公司致力於推進布魯克礦的生產。布魯克礦開發的優勢和機會：首先，該礦已獲得許可，我們於 6 月開始採礦。這樣就大大縮短了專案的開發時間。

Secondly, the Brook Mine deposit contains high-value critical minerals co-mingled in coal. And unlike the hard rock deposits, this ore is soft and simplifying the front end of the processing plant. It does not contain meaningful levels of radioactivity, which are typically associated with rare earths found in hard rock deposits. And thirdly, the high-value critical minerals and lower value of low-value rare earths means that the basket value of this project is boosted for the ore quality, if you will, compared to peer projects.

其次，布魯克礦床含有與煤炭混合的高價值關鍵礦物。與堅硬的岩石礦床不同，這種礦石質地柔軟，簡化了加工廠的前端。它不含有顯著水平的放射性，而放射性通常與硬岩礦床中的稀土元素有關。第三，高價值的關鍵礦物和低價值的稀土元素意味著與同類項目相比，該項目的整體價值因礦石品質而提高。

As reported in the disclosed summary of the Fluor PEA, our recoveries are also comparatively high. So our recovered value in dollars per ton of TREO is more than 20 times compared to traditional light rare earth centric mines. Fourth, this project has excellent access to infrastructure with the I-90 and the main rail line intersecting the property.

如 Fluor PEA 揭露的摘要所述，我們的回收率也相對較高。因此，我們每噸 TREO 的回收價值（以美元計算）是傳統輕稀土礦的 20 倍以上。第四，該項目擁有極佳的基礎設施，I-90 和主要鐵路線貫穿該地。

Again, this reduces the capital investment and development time line for the project. And lastly, since the critical minerals are co-mingled in coal and because we intend to sell thermal coal, which is not mineralized, we expect that this will offset the mining costs of these critical minerals. Looking ahead, my main focus is working to accelerate the timeline to reach commercial production.

這再次減少了專案的資本投資和開發時間。最後，由於關鍵礦物與煤炭混合，而我們打算出售未礦化的動力煤，我們預計這將抵消這些關鍵礦物的開採成本。展望未來，我的主要重點是努力加快實現商業生產的時間表。

As Randy intended, we plan to rapidly construct our pilot facility so that we can begin pilot operations this fall to take our ore to oxide product. This will allow potential customers to test our products for quality control. Whether it be the Department of Defense or a defense contractor or any other potential customer, any agreed-upon long-term offtake will be subject to meeting certainly quality specifications.

正如蘭迪所計劃的那樣，我們計劃快速建造我們的試驗設施，以便我們能夠在今年秋天開始試驗操作，將我們的礦石轉化為氧化物產品。這將允許潛在客戶測試我們的產品以進行品質控制。無論是國防部、國防承包商或任何其他潛在客戶，任何商定的長期承購都必須滿足一定的品質規格。

So we view the acceleration of the pilot plant as the crucial next step on the path to commercialization. Additionally, this month, we are commencing the next phase of the commercial plant design as the flow sheet remains on the critical path. Ultimately, as noted in our earnings release, we remain on track for commercial oxide production in 2027, which has been pulled forward from the 2028 for the summary PEA.

因此，我們認為加速中試工廠的建設是邁向商業化的關鍵一步。此外，本月，我們將開始商業工廠設計的下一階段，因為流程圖仍然處於關鍵路徑上。最終，正如我們在收益報告中指出的那樣，我們仍有望在 2027 年實現氧化物的商業化生產，而根據 PEA 摘要，這一時間已從 2028 年提前。

All this week, as Randy mentioned, the Ramaco technical team has been in meetings with the Department of Energy Labs. These meetings were attended by National Energy Technology Lab, -- Oak Ridge National Lab, the Idaho National Lab and Lawrence Livermore National Lab. Each of these labs brings technical expertise to this project from geological definition that will help us better define the other 2/3 of this deposit, which is yet to be explored to flow sheet improvement ideas and to battery quality specifications that are going to help us to detail our flow sheet.

正如蘭迪所提到的，整個本週，拉馬科技術團隊一直在與能源實驗室部門開會。參加這些會議的有國家能源技術實驗室、橡樹嶺國家實驗室、愛達荷國家實驗室和勞倫斯利弗莫爾國家實驗室。每個實驗室都為該專案帶來了技術專長，從地質定義（這將有助於我們更好地定義該礦床的另外 2/3，這還有待探索）到流程圖改進想法和電池品質規格（這將有助於我們詳細說明我們的流程圖）。

The comment made by several Department of Energy employees that were attending these meetings was that everyone in the DOE lab wants to be working on this project. So we have existing agreements in place to immediately continue work, and we have 70 tons of ore at the Brook Mine site that are in super sacks ready to ship to these labs, and we expect that will happen next week.

參加這些會議的幾位能源部員工表示，能源部實驗室的每個人都想參與這個計畫。因此，我們已達成協議，可以立即繼續工作，我們在布魯克礦場有 70 噸礦石裝在大袋子裡，準備運往這些實驗室，我們預計這將在下週完成。

With that said, I would like to turn the call over now to our Chief Commercial Officer, Jason Fannin.

話雖如此，我現在想將電話轉給我們的商務長傑森‧範甯 (Jason Fannin)。

Thanks, Mike, and good morning, everyone. Today, I'll share our views on the coking coal and steel markets as well as our sales outlook and wrap up with a discussion of marketing initiatives on the rare earths and critical minerals front. Global coking coal markets continue to weaken from a pricing standpoint during Q2 with last quarter's index averages down approximately 8% since the start of Q1 and down 5% quarter-over-quarter.

謝謝，麥克，大家早安。今天，我將分享我們對焦煤和鋼鐵市場的看法以及我們的銷售前景，最後討論稀土和關鍵礦產方面的營銷舉措。從定價角度來看，第二季全球煉焦煤市場持續走弱，上季指數平均自第一季初以來下跌約 8%，季減 5%。

To start Q3, during July, we saw Chinese coking coal prices surge 38%, with futures hitting a seven-month high as safety and environmental inspections across important mining regions, forced mine and wash plant outages, tightening inland inventories. While we've seen sharp price swings on Chinese exchanges this week, the broader signal from Beijing is unambiguous. Policymakers are intent on addressing persistent oversupply.

7 月份，第三季開始，中國煉焦煤價格飆升 38%，期貨價格創下七個月新高，原因是重要礦區的安全和環境檢查，迫使礦山和洗煤廠停產，導致國內庫存收緊。儘管本週我們看到中國股市價格大幅波動，但北京方面發出更廣泛的訊號是明確的。政策制定者決心解決持續存在的供應過剩問題。

Their posture should provide underlying support for prices and increase the likelihood that recent gains will have some staying power. At the end of July, the Australian Premium Low Vol Index was $183.20 per ton, up from the low of $166 in late March and from $172 in mid-July. US East Coast index values were $174 per ton for Low Vol, $156.50 per ton for High-Vol A, and $147.50 per ton for High-Vol B.

他們的姿態應該會為價格提供潛在的支撐，並增加近期漲勢具有持久力的可能性。7月底，澳洲優質低波動指數為每噸183.20美元，高於3月底的低點166美元和7月中旬的172美元。美國東海岸低揮發性原油指數值為每噸 174 美元，高揮發性 A 原油指數值為每噸 156.50 美元，高揮發性 B 原油指數值為每噸 147.50 美元。

SGX forward pricing also moved higher in late July with Q3 and Q4 PLV now priced at $185 and $193, respectively. While we treat forward markets with healthy skepticism, Chinese policy pivots like those in 2016 and 2020, have historically marked turning points, which have resulted in sustained recoveries. While risks remain, the worst may be behind us.

7 月底，SGX 遠期定價也走高，Q3 和 Q4 PLV 目前價格分別為 185 美元和 193 美元。雖然我們以健康的懷疑態度對待遠期市場，但從歷史上看，中國 2016 年和 2020 年的政策轉變標誌著轉折點，並帶來了持續的復甦。儘管風險依然存在，但最糟糕的情況可能已經過去。

As we enter the third quarter, we remain optimistic about improving fundamental market conditions, supported by rising finished steel prices in China and India and iron ore prices holding below $100 per ton amid growing supply. These trends should bolster steel mill profitability and support increased met coal pricing.

進入第三季度，我們仍然對基本市場狀況的改善持樂觀態度，這得益於中國和印度成品鋼價格上漲以及鐵礦石價格在供應增加的情況下維持在每噸 100 美元以下。這些趨勢應會增強鋼廠的獲利能力並支持冶金煤價格上漲。

That said, persistent strength in Chinese steel exports and unresolved overcapacity concerns continue to pose risks. It remains unclear how policymakers will address these structural challenges, leaving some uncertainty on the horizon. In Europe, we remain cautiously optimistic about the outlook for improved market conditions.

儘管如此，中國鋼鐵出口持續強勁以及尚未解決的產能過剩問題仍帶來風險。目前尚不清楚政策制定者將如何應對這些結構性挑戰，這給未來留下了一些不確定性。在歐洲，我們對市場狀況改善的前景仍持謹慎樂觀的態度。

Existing safeguard quotas and phased rollout of the EU's carbon border adjustment mechanism are expected to provide a progressively firmer floor against low-cost steel imports. Germany's proposed EUR500 billion off-budget fund alongside continued European Commission-backed stimulus efforts should help provide infrastructure machinery demand as monetary conditions ease and ECB rate cuts take hold.

現有的保障配額和歐盟碳邊境調整機制的分階段推出預計將為抑製低成本鋼鐵進口提供更穩固的底線。隨著貨幣環境放鬆和歐洲央行降息政策落地，德國提議的 5,000 億歐元預算外基金以及歐盟委員會持續支持的刺激措施應有助於滿足基礎設施機械需求。

As a result, we expect EU apparent steel consumption to bottom early next year and rebound by 3% to 4% in 2026, helping to restore steel mill margins and support Atlantic Basin metallurgical coal demand. In the near term, however, conditions remain difficult and further capacity rationalization across the European steel sector appears likely.

因此，我們預期歐盟表觀鋼鐵消費量將在明年初觸底，並在2026年反彈3%至4%，有助於恢復鋼廠利潤率並支持大西洋盆地冶金煤需求。然而，短期內情勢依然嚴峻，歐洲鋼鐵業可能進一步實現產能合理化。

In the US and Canada, our domestic end users continue to take shipments at a steady pace, in line with our expectations and contractual commitments. Notably, finished steel prices in the US remain the highest globally, nearly double prevailing Asian seaborne levels, and we expect our domestic partners will continue to enjoy significantly higher steel prices going forward.

在美國和加拿大，我們的國內終端用戶繼續以穩定的速度接收貨物，符合我們的預期和合約承諾。值得注意的是，美國成品鋼價格仍是全球最高，幾乎是亞洲海運價格的兩倍，我們預計，未來我們的國內合作夥伴將繼續享受大幅上漲的鋼價。

Building on this favorable backdrop, we are now in the domestic negotiating season with several buyers issuing RFPs. While we won't discuss specifics today, our focus remains on enhancing the value of our sales portfolio, and we are actively engaged in that effort. Turning to our 2025 sales book. At the start of the third quarter, we had secured commitments for 3.9 million tons.

基於這個有利背景，我們目前正處於國內談判季，有多個買家發布了 RFP。雖然我們今天不會討論具體細節，但我們的重點仍然是提高銷售組合的價值，並且我們正在積極參與這項工作。轉向我們的 2025 年銷售書。第三季初，我們已獲得390萬噸的承諾。

North American buyers account for 1.6 million tons at an average fixed price of $152 per ton, and first half seaborne shipments of 1.3 million tons achieved an average fixed price of $109 per ton. In total, our fixed price book for 2025 stands at 2.9 million tons at a blended price of $133 per ton with an additional 1 million export tons under index-linked arrangements for delivery throughout the back half of the year.

北美買家採購量為 160 萬噸，平均固定價格為每噸 152 美元，上半年海運量為 130 萬噸，平均固定價格為每噸 109 美元。總體而言，我們 2025 年的固定價格為 290 萬噸，混合價格為每噸 133 美元，另外還有 100 萬噸出口，根據指數掛鉤安排，將在下半年交付。

The majority of our few remaining uncommitted tons align with planned Q4 production, providing us the flexibility to strategically layer in additional sales at favorable pricing. Given ongoing market headwinds, we are optimizing our production plan to minimize lower-margin spot sales and prioritize the highest return opportunities. This disciplined approach allows us to protect margins, capitalize on the most optimal sales and maintain reliable supply for our long-term customers.

我們剩餘的少數未承諾產量大部分與計劃的第四季度產量一致，這使我們能夠靈活地以優惠的價格策略性地增加銷售。鑑於持續的市場逆風，我們正在優化生產計劃，以盡量減少利潤較低的現貨銷售，並優先考慮最高回報的機會。這種嚴謹的方法使我們能夠保護利潤、利用最佳銷售並為我們的長期客戶維持可靠的供應。

Turning now to our rare earth and critical minerals operation. We're accelerating development of our Brook Mine deposit in Sheridan, Wyoming. We've completed end-to-end supply chain mapping for our highest value materials and are actively collaborating with major US buyers, including defense suppliers to align on operating timelines, product and volume projections, qualification protocols and downstream applications.

現在來談談我們的稀土和關鍵礦物業務。我們正在加快開發位於懷俄明州謝裡登的布魯克礦床。我們已經完成了最高價值材料的端到端供應鏈映射，並正在積極與美國主要買家（包括國防供應商）合作，以協調營運時間表、產品和產量預測、資格協議和下游應用。

This proactive engagement ensures we meet stringent demand criteria while positioning us as a reliable domestic supplier in this strategic sector, laying the groundwork for future offtake agreements as we continue to fast track the build-out of our pilot processing plant and the later scale-up of our commercial facility.

這種積極主動的參與確保我們滿足嚴格的需求標準，同時將我們定位為這一戰略領域的可靠國內供應商，為未來的承購協議奠定基礎，因為我們將繼續加快建設我們的試驗加工廠並擴大我們的商業設施。

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

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

Thanks, Jason. And as always, thank you to everyone joining us this morning. Although we had another strong operational quarter, this was, of course, coupled with the continued decline in the metallurgical coal indices and led to a slight compression in our operating margins that Jeremy will describe in more detail. That said, I'm extremely proud of the operations team for having first half 2025 cash cost per ton sold that came in just over $100 per ton.

謝謝，傑森。和往常一樣，感謝今天上午參加我們活動的所有人。儘管我們又度過了一個強勁的營運季度，但這當然伴隨著冶金煤指數的持續下跌，導致我們的營業利潤率略有壓縮，傑里米將對此進行更詳細的描述。話雖如此，我還是為營運團隊感到非常自豪，因為 2025 年上半年每噸銷售的現金成本略高於每噸 100 美元。

This puts us squarely in the first quartile of the US cash cost curve. During the second quarter, we temporarily idled the single section Eagle mine where coal thicknesses and processing recovery made the mine marginal in these market conditions. The mine remains open and is being held in care and maintenance and can be restarted virtually immediately when market conditions warrant.

這使我們正好處於美國現金成本曲線的第一個四分位數。在第二季度，我們暫時閒置了單段 Eagle 礦，因為煤炭厚度和加工回收率使得該礦在當前的市場條件下處於邊緣地位。該礦目前仍在開採，並處於維護和保養狀態，一旦市場條件允許，幾乎可以立即重新啟動。

On an even more positive note, our Berwind mine's two sections have now returned to full productivity, helped by the completion of a new air shaft in mid-May. We have seen the cost from this complex decline to their historically lower levels. The combination of the changes at Elk Creek on volume and the improvement in productivity at Berwind allowed us to close the quarter with June costs coming in the low $90 per ton range for the month on an overall company basis.

更積極的一點是，由於 5 月中旬新風井的竣工，我們 Berwind 礦場的兩個礦段現已恢復全面生產。我們已經看到這一複雜情況造成的成本下降至歷史最低水準。Elk Creek 產量的變化和 Berwind 生產率的提高相結合，使得我們在本季度結束時，6 月份公司整體成本處於每噸 90 美元的低位範圍內。

We expect to continue to operate at these steady-state cost levels throughout the balance of '25, although I would remind everyone that the third and fourth quarters do have the traditional holiday shutdown periods. The bulk of our major met capital projects were completed during the second quarter, and we expect capital expenditures in the East to decline to essentially maintenance levels for the second half of the year.

我們預計在 25 年餘下時間裡將繼續以這些穩定的成本水平運營，儘管我想提醒大家，第三季和第四季確實有傳統的假期停工期。我們的大型氣象資本項目大多已於第二季完工，我們預計東部地區的資本支出將在下半年下降至維持水準。

We are, of course, looking at further ways to optimize our production portfolio and we'll take any opportunities to exercise further volume and cost discipline. We simply won't deploy the human or financial capital to force additional tons into weaker markets. Pivoting to the West and the critical mineral operations, we activated the Brook Mine in June in advance of our mine opening ceremonies on July 11.

當然，我們正在尋找進一步優化生產組合的方法，並將抓住任何機會進一步控制產量和成本。我們根本不會部署人力或金融資本來將更多的貨物推入較弱的市場。我們把重點轉向西部和關鍵的礦產作業，並在 6 月啟動了布魯克礦，以便在 7 月 11 日舉行礦山開幕儀式。

Our initial mining area encountered extremely favorable conditions as far as coal thicknesses, mining ratio and importantly, confirmed the softness and friability of the rock and coal seams and the relative mining advantage we will have for this project. I'm happy to report that the mine opening and the initial mining stage were brought in under budget, ahead of schedule and most importantly, without any injuries or environmental or regulatory issues.

我們最初的採礦區在煤層厚度、開採率等方面都遇到了極其有利的條件，更重要的是，證實了岩石和煤層的軟性和易碎性以及我們在該項目中將擁有的相對採礦優勢。我很高興地報告，礦山開採和初始採礦階段都在預算之內、提前完成了，最重要的是，沒有發生任何人員傷亡或環境或監管問題。

As was released earlier this week, the Brook Mine has just received its five-year renewal of its mining permit, and we are excited to move forward with the next stages of this project. During our initial mining this summer, we successfully mined enough co-mingled rare earth critical minerals and coal ore to support our bench and pilot testing for the next 12-months. In addition to the 70 tons that will ship next week to the national labs.

正如本週稍早發布的那樣，布魯克礦剛剛獲得了為期五年的採礦許可證續期，我們很高興能夠推進該專案的下一階段。在今年夏天的首次開採中，我們成功開採了足夠的混合稀土關鍵礦物和煤礦石，以支持我們未來 12 個月的台架測試和中試測試。除下週將運往國家實驗室的 70 噸外。

As Mike mentioned, as we move into the pilot stages of testing, we will start these bulk tests and optimizations off-site initially at third-party labs in advance of the completion of our own lab and pilot testing facilities on site at Brook. With the backdrop of our continued solid operational results in the East and all the potential that our critical mineral business holds.

正如 Mike 所提到的，隨著我們進入試點測試階段，我們將首先在第三方實驗室進行場外批量測試和優化，然後在 Brook 現場完成我們自己的實驗室和試點測試設施。憑藉我們在東部地區持續穩健的經營業績以及我們關鍵礦產業務所蘊藏的巨大潛力。

I'd now like to turn the call over to Jeremy for a deeper dive into the financials for the quarter.

現在我想把電話轉給傑里米，讓他更深入了解本季的財務狀況。

Thank you, Chris. As noted, second quarter 2025 operational results were again solid with cash cost per ton sold of $103, which continues to put Ramaco in the first quartile of the US cash cost curve. Cash cost per ton sold would have been $101 excluding the now idled Eagle mine. Even with higher costs at Eagle, both Q2 and year-to-date cash costs at Elk Creek are in the low 90s per ton range, making it among the lowest cost high-vol complexes in the country.

謝謝你，克里斯。如上所述，2025 年第二季的營運表現再次穩健，每噸銷售現金成本為 103 美元，這使 Ramaco 繼續處於美國現金成本曲線的第一個四分位數。不包括目前閒置的 Eagle 礦，每噸銷售的現金成本為 101 美元。即使 Eagle 的成本較高，Elk Creek 第二季和年初至今的現金成本都在每噸 90 美元出頭，使其成為全國成本最低的高揮發性原油綜合體之一。

In addition, for the second straight quarter, we achieved a record level of quarterly production. This led to Q2 tons sold of $1.1 million versus $900,000 in Q1. Unfortunately, metallurgical coal price indices have continued to decline. US indices fell another 5% in Q2 versus Q1 and more than 20% year-over-year. This caused a year-on-year decline in earnings despite the operating achievements.

此外，我們連續第二季實現了創紀錄的季度產量。這導致第二季的噸銷量為 110 萬美元，而第一季的噸銷量為 90 萬美元。不幸的是，冶金煤價格指數持續下跌。美國指數第二季較第一季再下跌 5%，較去年同期下跌超過 20%。儘管取得了經營業績，但獲利卻比去年同期下降。

To get into specifics, Q2 adjusted EBITDA was $9 million compared to $10 million in Q1. Q2's net loss of $14 million compared to Q1's net loss of $9 million. Class A EPS showed a $0.29 loss in Q2 versus a $0.19 loss in Q1. While none of our primary peers have yet reported Q2 results, we suspect that our $20 per ton cash margins this quarter will be among the highest of our peer group.

具體來說，第二季調整後的 EBITDA 為 900 萬美元，而第一季為 1000 萬美元。第二季淨虧損 1,400 萬美元，而第一季淨虧損 900 萬美元。A 類每股盈餘在第二季虧損 0.29 美元，而第一季虧損 0.19 美元。雖然我們的主要同業尚未公佈第二季業績，但我們認為本季每噸 20 美元的現金利潤率將是同業中最高的。

As a reminder, our Q1 cash margins of $24 per ton were the highest among our peer group then. Looking forward, we're making a few tweaks to our 2025 operational guidance given current market conditions. Specifically, we're optimizing our overall production and sales. We're reducing selective production to limit potential lower-priced spot sales, especially into Asia.

提醒一下，我們第一季的現金利潤率為每噸 24 美元，是當時同行中最高的。展望未來，鑑於當前的市場狀況，我們將對 2025 年的營運指導做出一些調整。具體來說，我們正在優化我們的整體生產和銷售。我們正在減少選擇性生產，以限制潛在的低價現貨銷售，尤其是在亞洲。

At current prices, this should provide a net benefit to free cash flow. As a result, full year 2025 production is now anticipated to come in at the low end of the previous 3.9 million to 4.3 million ton range. Full year 2025 sales are now anticipated to come in at the low end of the previous 4.1 million to 4.5 million ton range. Now moving to our balance sheet.

以當前價格計算，這應該會為自由現金流帶來淨收益。因此，預計 2025 年全年產量將處於先前 390 萬噸至 430 萬噸區間的低端。目前預計 2025 年全年銷量將達到先前 410 萬噸至 450 萬噸區間的低端。現在轉到我們的資產負債表。

Our liquidity of more than $87 million on June 30 was up over 22% year-on-year. At the same time, our overall credit metrics remain strong with net debt to adjusted EBITDA of a little over one times on a trailing 12-month basis. Earlier this month or last month, we announced the redemption of the $35 million 2026 senior notes at 9% as well as the issuance of $57 million of 2030 senior notes at 8.25% plus a potential $8 million shoe.

截至 6 月 30 日，我們的流動資金超過 8,700 萬美元，年成長超過 22%。同時，我們的整體信用指標依然強勁，過去 12 個月的淨債務與調整後 EBITDA 比率略高於一倍。本月初或上個月，我們宣布以 9% 的利率發行 3,500 萬美元的 2026 年優先票據，以及以 8.25% 的利率發行 5,700 萬美元的 2030 年優先票據，外加潛在的 800 萬美元的鞋底。

This increase in liquidity is, of course, not reflected in our June 30 cash figures. However, as of July 31, our liquidity stood at $105 million. Now turning to our rare earth elements and the critical minerals business. I'm very pleased with the results of the recently released summary preliminary economic analysis from Fluor. The results of the summary PEA outlined a pretax net present value using an 8% discount rate of $1.2 billion with an IRR of 38% with a total initial capital cost estimate of $473 million before contingency.

當然，流動性的增加並沒有反映在我們 6 月 30 日的現金數據中。然而，截至 7 月 31 日，我們的流動資金為 1.05 億美元。現在來談談我們的稀土元素和關鍵礦物業務。我對 Fluor 公司最近發布的初步經濟分析摘要結果感到非常滿意。摘要 PEA 的結果概述了使用 8% 折扣率計算的稅前淨現值為 12 億美元，內部收益率為 38%，扣除意外事件前的總初始資本成本估計為 4.73 億美元。

The summary PEA shows steady-state EBITDA of $143 million by 2029 and more than $130 million of EBITDA by 2028. Now given the multiples on rare earth names, needless to say, we're incredibly excited about the potential of this business. Given the combination of the summary PEA results, coupled with the tenor of our discussion with both the US government and potential private industry customers, we are doing what we can to accelerate the pilot plant development.

總結 PEA 顯示，到 2029 年，穩定狀態 EBITDA 將達到 1.43 億美元，到 2028 年，EBITDA 將超過 1.3 億美元。現在考慮到稀土名稱的倍數，不用說，我們對這項業務的潛力感到無比興奮。考慮到初步經濟評估的總結結果，再加上我們與美國政府和潛在私人產業客戶討論的基調，我們正在盡最大努力加快中試工廠的開發。

As such, we're increasing 2025 SG&A guidance from $36 million to $40 million to $39 million to $43 million. Bottom line is that despite the challenging market conditions, our metallurgical coal operations remain firmly in the first quartile of the US cost curve. When coupled with our liquidity levels and strong balance sheet, Ramaco is well positioned to both withstand any continued near-term coal market weakness while also continuing to accelerate the development of our rare earth and critical minerals business.

因此，我們將 2025 年銷售、一般及行政費用指導金額從 3,600 萬美元至 4,000 萬美元上調至 3,900 萬美元至 4,300 萬美元。重點是，儘管市場條件充滿挑戰，但我們的冶金煤業務仍然穩居美國成本曲線的第一個四分位數。結合我們的流動性水準和強勁的資產負債表，Ramaco 完全有能力抵禦近期煤炭市場的持續疲軟，同時繼續加速我們稀土和關鍵礦產業務的發展。

With that said, I'd now like to turn the call back to the operator for any questions from those on the line.

話雖如此，我現在想將電話轉回給接線員，以便回答接線員提出的任何問題。

(Operator Instructions) Nathan Martin, The Benchmark Company.

（操作員指示）Nathan Martin，The Benchmark Company。

Maybe just starting on the met coal side in the East. I fully appreciate leaving the higher cost production in the ground at these prices. But I was wondering if we could get a little more color on any anticipated impact on quality mix. Also it would be helpful to kind of get your thoughts on expected mix between domestic and export sales in 3Q, 4Q, just given the much more favorable fixed domestic price.

也許只是從東部的煤炭開採開始。我完全贊成以這樣的價格將成本較高的生產留在地下。但我想知道我們是否可以對預期對品質組合的影響獲得更多的資訊。此外，考慮到國內固定價格更優惠，了解您對第三季和第四季國內和出口銷售預期組合的看法也會很有幫助。

Thanks, Nate. This is Jason. Yes, I mean, as far as any quality impacts, obviously, we take that under heavy consideration when we're looking at any of these changes that we made. So we expect absolutely none to the portfolio we have today. I think in the back half, your question there on the sales mix. We're roughly 2/3 seaborne, 1/3 domestic, relatively similar to the mix there in Q1, Q2.

謝謝，內特。這是傑森。是的，我的意思是，就任何品質影響而言，顯然，當我們考慮所做的任何改變時，我們都會認真考慮這一點。因此，我們對目前的投資組合不抱任何期望。我認為在後半部分，您的問題是關於銷售組合的。我們的運輸量約為 2/3，海運量為 1/3，國內運輸量為 1/3，與第一季和第二季的情況相對相似。

Yes, Nate, we're a little bit more domestic in Q2 than Q1, but overall in that kind of 1/3 on average, maybe we'll be a little closer to 35%, but somewhere in that range.

是的，Nate，我們第二季度的國內業務比第一季稍微多一些，但總體而言，平均而言，在 1/3 左右，也許我們會更接近 35%，但在這個範圍內。

Okay. Appreciate it, guys. And then just with the 2.5% production tax credit you mentioned in your release for met coal starting on January 1. Could you put any estimates around what you think your savings could be there?

好的。非常感謝，夥計們。然後，正如您在新聞稿中提到的，從 1 月 1 日起，煤炭生產可享有 2.5% 的稅收抵免。您能否估算一下您認為可以省下多少錢？

Yes. No, we're certainly excited for that inclusion in the big beautiful bill. And I'd say, Nate, obviously, we're still kind of working through the dynamics. But I'd say in that kind of $15 million a year range on EBITDA is our best estimate, obviously, plus or minus a little bit.

是的。不，我們確實很高興將其納入這個美麗的大法案中。我想說，內特，顯然我們仍在努力解決這個動態問題。但我想說，每年 1500 萬美元的 EBITDA 範圍是我們最好的估計，顯然會有一些上下浮動。

Perfect. That's helpful, Jeremy. And then shifting over to the West on the Brook Mine. There's a report out yesterday, I think, to describe the recent meeting of White House officials with the sampling of rare earth companies and tech giants in attendance. I'm not sure if Ramaco was part of that meeting, but I think the takeaway was that the administration could be looking to expand its price support for domestic critical mineral and rare earth production.

完美的。這很有幫助，傑里米。然後轉移到西邊的布魯克礦。我認為昨天有一份報告描述了白宮官員最近與一些稀土公司和科技巨頭出席的會議。我不確定拉馬科是否參加了那次會議，但我認為會議的要點是，政府可能正在尋求擴大對國內關鍵礦產和稀土生產的價格支持。

So it'd just be great to get your thoughts there and whether or not Ramaco has been having these kind of conversations with the administration around the possibilities of providing a price floor for any of the critical minerals you guys expect to produce.

因此，我很想聽聽你的想法，以及 Ramaco 是否已經與政府進行過此類對話，討論為你們預計生產的任何關鍵礦物提供價格下限的可能性。

Sure. Nate, this is Randy. So I think, first off, we're not going to comment on any specific discussions we're having with the government, although we are having discussions, as I outlined in my remarks. I do think the general approach that the government is using, obviously, the MP Materials deal is somewhat of a template is an important one.

當然。內特，這是蘭迪。因此我認為，首先，我們不會對我們與政府進行的任何具體討論發表評論，儘管我們正在進行討論，正如我在發言中概述的那樣。我確實認為政府正在採用的整體方法，顯然，MP Materials 交易在某種程度上是一個重要的模板。

I've argued that because of the fact that you've got a nation state that's trying to essentially eliminate any other production of rare earths around the world. Unfortunately, you probably got to have the government step in to help support private industry in that respect. And that's in a variety of means. Obviously, the market is not a free market because the Chinese manipulate both pricing and production.

我認為，這是因為一個民族國家正在試圖從根本上消除世界範圍內的任何其他稀土生產。不幸的是，你可能需要政府介入來幫助支持私人企業。並且可以透過多種方式實現。顯然，這個市場並不是自由市場，因為中國人操縱定價和生產。

So you have to establish some degree of a level playing field. That probably comes in a number of ways, many of which, of course, we touched on with the MP deal. I've advocated for some time that we probably need a national critical mineral strategic reserve sort of like we have a national petroleum reserve. That's something that obviously the government is aware of and I think is perhaps considering.

所以你必須建立一定程度的公平競爭環境。這可能以多種方式實現，其中許多方式，當然，我們在 MP 交易中已經提到過。我一直主張，我們可能需要建立國家關鍵礦產戰略儲備，就像國家石油儲備一樣。顯然政府已經意識到了這一點，我認為政府也許正在考慮。

And I think as far as encouraging and accelerating production in the US, forms of throughput agreements and price supports are obviously important factors there because. Once again, you've got the Chinese trying to undercut any pricing to eliminate future production from anybody but themselves. So we're encouraged by the direction that the government is taking, and we expect to continue our sort of alignment with the government and continue those discussions.

我認為，就鼓勵和加速美國的生產而言，吞吐量協議和價格支援的形式顯然是重要因素，因為。再一次，我們看到中國人試圖壓低價格，以阻止任何人（除了他們自己）進行未來的生產。因此，我們對政府採取的方向感到鼓舞，我們希望繼續與政府保持一致並繼續進行這些討論。

Appreciate those thoughts, Randy. And then maybe just shifting to the PEA. As I'm sure you're aware, I think one of the areas of focus many investors have had related to the price deck assumptions there. I believe you said you guys relied on some industry long-term forecast amongst other things. But clearly, these things can and will vary widely.

我很欣賞這些想法，蘭迪。然後也許只是轉向 PEA。我相信您已經意識到，我認為許多投資者關注的領域之一與價格平台假設有關。我相信您說過，你們依賴一些行業長期預測等等。但顯然，這些事情可能會有很大差異。

So I guess more specifically, it would be great to get your thoughts around scandium as that seems to represent the largest portion of your forecast revenue. How did you guys arrive at that price? How comfortable are you with your assumption there? And then additionally, the 65 million ton per year of estimated sales, at least based on my understanding, likely exceeds the current US demand for that product.

因此，我想更具體地說，我很想聽聽您對鈧的看法，因為它似乎佔據了您預測收入的最大份額。你們是怎麼得出這個價格的呢？您對自己的假設是否滿意？此外，至少根據我的理解，每年 6500 萬噸的預計銷售量可能超過了美國目前對該產品的需求。

So how would you potentially kind of balance the supply with demand to keep the price at the level that remains economic for production, as you alluded to?

那麼，正如您所提到的，您將如何平衡供需，以將價格保持在對生產來說仍然經濟的水平？

Sure. Good question. So I'm going to let Mike handle the first part, and then I'll let Jeremy also speak to the price deck we use. So Mike, do you want to go in and touch on that as far as scandium and the general pricing approach that we took?

當然。好問題。所以我會讓 Mike 處理第一部分，然後我會讓 Jeremy 談談我們使用的價格平台。那麼麥克，你想談談鈧以及我們採取的一般定價方法嗎？

Yes. Thanks, Randy. We had this conversation, in fact, in Albany with the national labs this week. And the conversation is that the demand for scandium would be higher if there was a Western source of scandium. And right now, scandium is sourced mainly from China, and that limits its adoption into places where we feel long term that there is going to be supply.

是的。謝謝，蘭迪。事實上，本週我們在奧爾巴尼與國家實驗室進行了這場對話。而人們談論的話題是，如果西方有鈧的來源，對鈧的需求就會更高。目前，鈧的主要產地是中國，這限制了其在我們認為長期有供應的地方的應用。

We had reports from EY. They conducted a study a few years ago that is suggesting scandium demand is growing -- potentially grow to 450 tons a year by 2030 and possibly over 1,000 tons a year. So we have several sources, government sources and marketing studies conducted that would suggest if we can produce scandium in the US, there will be a market for it.

我們收到了安永的報告。他們幾年前進行的一項研究表明，鈧的需求正在增長——到 2030 年可能增長到每年 450 噸，甚至可能超過每年 1,000 噸。因此，我們有幾個來源，政府來源和市場研究表明，如果我們可以在美國生產鈧，那麼就會有市場。

I guess what I'd add, Nate, too, in terms of the price decks really across the board. So first of all, this is three-years out. So this is not pricing as of today. Second of all, these are Western pricing. Obviously, at the time, going back to the NdPr pricing we were using, it was significantly higher than spot. And then, of course, MP signed an offtake deal pretty close to what was being used in the price deck.

我想補充的是，Nate，就價格層面而言，確實是全面的。首先，這是三年後的事了。所以這不是今天的定價。其次，這些都是西方定價。顯然，當時，回到我們使用的 NdPr 定價，它明顯高於現貨價格。然後，當然，MP 簽署了一份與價格表中使用的價格非常接近的承購協議。

Third is we've looked at sort of where prices have been historically. And certainly, there have been periods where scandium has been significantly higher than the price that we use, and that's certainly true for all of the MVPs. And then last but not least, as Randy said, we've had incomings from customers. So again, we're not going to share the specifics of that, but we certainly have a good feel of what they're willing to pay over the -- for a long-term secured domestic supply.

第三，我們研究了價格的歷史趨勢。當然，有一段時間鈧的價格明顯高於我們使用的價格，對於所有 MVP 來說都是如此。最後但同樣重要的一點是，正如蘭迪所說，我們收到了來自客戶的收入。因此，我們不會透露具體細節，但我們確實很清楚他們願意為長期有保障的國內供應支付多少錢。

Yes. And just anecdotally, to kind of add to what Jeremy just said, we had a major defense contractor that we've been in discussions with and their comment to us was, look, if you could have a guaranteed secured domestic supply of a specific type of rare earth, the market would be six times what it is today. Again, that's one customer, but I think it's a major customer.

是的。順便補充一下傑里米剛才說的話，我們曾與一家大型國防承包商進行過討論，他們對我們的評論是，如果你能保證某種特定類型稀土的國內供應，那麼市場規模將是現在的六倍。再說一次，這只是一個客戶，但我認為它是一個主要客戶。

And is certainly indicative of the fact that all the market right now is pretty much completely skewed by the Chinese trying to manipulate pricing to make sure nobody does get into the market. You've got -- I think Asian Metals is the main index that most people kind of look at. That's published out of Singapore. It's -- the publishing is owned by two state-owned Chinese companies that are controlled by the Communist party over there.

這無疑表明，目前整個市場幾乎完全被中國人扭曲，他們試圖操縱價格，以確保沒有人進入市場。我認為亞洲金屬是大多數人關注的主要指數。這是在新加坡出版的。該出版社由兩家中國國有企業所有，這兩家公司都由中國共產黨控制。

So I'm not sure that their prices are necessarily accurate. But again, into a larger comment that this is the kind of business that you're dealing with right now, which is why I think to a certain extent that the government's involvement is going to be positive.

所以我不確定他們的價格是否準確。但再說一次，從更廣泛的角度來看，這就是你現在正在處理的業務類型，這就是為什麼我認為在某種程度上政府的參與將會產生積極作用。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

I think Nate asked it well, but I wanted to follow up. Can you just talk us through what you see as the most important growth drivers in the scandium market? Or maybe said differently, Mike, if I heard you correctly, there could be demand created if there was a Western source. And so I just wanted to make sure I understand kind of all of the end market exposure there as admittedly, I'm less familiar.

我認為 Nate 的問題問得很好，但我想跟進一下。您能否向我們介紹一下您認為鈧市場最重要的成長動力是什麼？或者換句話說，麥克，如果我沒有聽錯的話，如果有西方來源，就可能會產生需求。因此，我只是想確保我了解那裡的所有終端市場風險，因為不可否認，我不太熟悉。

Sure. I think the obvious end user for scandium is the airline industry. And some estimates suggest that Boeing and Airbus alone could use up to 100 tons a year, 150 tons a year. Scandium, aluminum alloys are lighter weight, and they certainly benefit aircraft. The NPV of an airplane is quite high when you use these alloys.

當然。我認為鈧的明顯最終用戶是航空業。一些估計表明，僅波音和空中巴士每年就可能使用高達 100 噸，甚至 150 噸。鈧、鋁合金重量較輕，對飛機來說無疑非常有利。當使用這些合金時，飛機的 NPV 相當高。

And again, they haven't been using them because of the supply constraints. I think there's other applications in the automotive industry in things like heat exchangers. So adoption in several places, alloys that need lighter. So I would say the aerospace is the dominant industry that we would target, but there's certainly -- the automotive industry is the next one.

而且，由於供應限制，他們一直沒有使用它們。我認為汽車產業還有其他應用，例如熱交換器。因此在多個地方採用需要更輕的合金。所以我想說航空航太是我們瞄準的主導產業，但肯定還有——汽車產業是下一個。

And I guess just on that, I'm just trying to put the pieces together here in the sense that prices were lower, and it appears like there were no supply constraints in the global market, but I guess it might have to do with the source of that supply. So what do you think have been the key constraints? Is it really that just the airlines want to use a Western source? I'm just trying to match the two.

我想就這一點而言，我只是想把各個部分放在一起，因為價格較低，而且似乎全球市場沒有供應限制，但我想這可能與供應來源有關。那麼您認為主要的限制因素是什麼？難道真的只有航空公司才想使用西方資源嗎？我只是想將兩者匹配起來。

Yes, that's what we're hearing. Long-term certainty of supply is -- that's not a Chinese supply source. And so they haven't been using the scandium alloys because of fear that at some point, it could be cut off.

是的，這就是我們所聽到的。長期供應的確定性是──那不是中國的供應來源。因此他們一直沒有使用鈧合金，因為擔心到某個時候鈧合金可能會被切斷。

Okay. Understood. And one last one on the coal side. One for Jason. Jason, the revenue per ton came in flat to higher quarter-over-quarter. So want to commend you for that in this tough market. But curious to hear how you would describe realizations into Asia today. I mean, where are netbacks shaking out if you tried to move a spot vessel? Understand you only have so many uncommitted tons, but I would appreciate your perspective.

好的。明白了。最後一個關於煤炭的問題。一個給傑森。傑森，每噸收入與上一季持平或有所上升。因此，我想對你們在如此艱難的市場中的表現表示讚揚。但我很好奇想聽聽您如何描述當今亞洲的實現。我的意思是，如果你試圖移動一艘現貨船，淨回值會出現在哪裡？我理解您只有這麼多未承諾的噸位，但我很欣賞您的觀點。

Yes. Thanks, Nick. Yes, certainly, obviously, in Jeremy's comments, we pointed out that we're -- some of the reductions we've made in guidance do point to the fact that we'll stay out of the spot market in Asia, obviously, for that reason, in particular, versus the Atlantic pricing. Obviously, there's freight impacts. and then just a more saturated market there for many different reasons.

是的。謝謝，尼克。是的，當然，顯然，在傑里米的評論中，我們指出 - 我們在指導中做出的一些下調確實表明我們將退出亞洲現貨市場，顯然，出於這個原因，特別是相對於大西洋定價。顯然，這會對貨運產生影響。而且由於多種原因，那裡的市場更加飽和。

As to pricing today, it's certainly, I would say, sub-$100 back to the mines, and that goes to Randy's point earlier, too, that the folks that are still required to participate in that or having to move tons there are most definitely underwater on their cash costs.

至於今天的價格，我想說，返回礦場的價格肯定會低於 100 美元，這也符合蘭迪之前的觀點，即那些仍然需要參與其中或必須將大量礦石運送到那裡的人的現金成本肯定是低於成本的。

Yes. I mean the thing I guess I'd add is we are more than 95% committed at the mid-point of production guidance. So candidly, we're not really in the spot market right now. It's not to say that a long-term good customer isn't looking for a hold here or there at close to the index without much discount. We'll do those types of deals.

是的。我想補充的是，我們在生產指導中期的承諾率已超過 95%。坦白說，我們現在實際上還沒有進入現貨市場。這並不是說長期優質客戶不會尋求在接近指數且沒有太多折扣的情況下持有股票。我們會做這些類型的交易。

But again, we've made the decision to reduce selective production because, as Randy said, we're just not going to sell at a loss right now. Operator, we'll turn it back to you.

但再次強調，我們決定減少選擇性生產，因為正如蘭迪所說，我們現在不會虧本銷售。接線員，我們會將其轉回給您。

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

我們的問答環節到此結束。我想將會議交還給 Randall Atkins 來做結束語。

We again thank everyone for joining us this morning. We look forward to catching up with you after the next quarter. It should be an interesting quarter for us as well. Take care.

我們再次感謝大家今天早上的參加。我們期待下個季度後與您聯繫。對我們來說這也應該是個有趣的季度。小心。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。