Ramaco Resources, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ramaco Resources, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its operations in coal mining.</b>

AI Summary

Ramaco Resources, Inc. (METCZ) filed a Annual Report (10-K) with the SEC on March 14, 2024. Ramaco Resources, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Bituminous Coal & Lignite Mining. Ramaco Resources, Inc. is incorporated in Delaware. The company's business address is 250 West Main Street, Suite 1800, Lexington, KY 40507.

Why It Matters

For investors and stakeholders tracking Ramaco Resources, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ramaco Resources' financial performance, operational activities, and strategic positioning within the coal mining industry for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, understand its risk factors, and evaluate its future prospects in the energy sector.

Risk Assessment

Risk Level: medium — Ramaco Resources, Inc. shows moderate risk based on this filing. The company operates in the Bituminous Coal & Lignite Mining industry, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Ramaco Resources' performance and outlook in the coal mining sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-14 — Filing Date (Date of submission)
• 100 — Public Document Count (Number of documents in the filing)
• 001-38003 — SEC File Number (SEC registration number)

Key Players & Entities

• Ramaco Resources, Inc. (company) — Filer name
• METCZ (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240314 (date) — Filing date
• 1220 (industry) — Standard Industrial Classification for Bituminous Coal & Lignite Mining
• DE (state) — State of incorporation
• 250 WEST MAIN STREET SUITE 1800 (address) — Business address
• LEXINGTON (city) — Business address city

FAQ

Risk Factors

• Environmental and Mining Regulations [high — regulatory]: The company is subject to extensive federal, state, and local environmental and mining regulations, which can impact operations and costs.
• Coal Market Fluctuations [high — market]: The demand and pricing for coal are subject to significant fluctuations due to economic conditions, energy policies, and competition from other energy sources.
• Operational Risks [medium — operational]: Mining operations are inherently risky and can be affected by geological conditions, equipment failures, labor issues, and accidents.
• Debt and Financial Covenants [medium — financial]: The company's level of debt and its ability to comply with financial covenants could impact its financial flexibility.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — hich registered Class A Common Stock, $0.01 par value METC NASDAQ Global Select

Filing Documents

• metc-20231231x10k.htm (10-K) — 3391KB
• metc-20231231xex4d4.htm (EX-4.4) — 154KB
• metc-20231231xex21d1.htm (EX-21.1) — 23KB
• metc-20231231xex23d1.htm (EX-23.1) — 4KB
• metc-20231231xex23d2.htm (EX-23.2) — 5KB
• metc-20231231xex23d4.htm (EX-23.4) — 3KB
• metc-20231231xex31d1.htm (EX-31.1) — 27KB
• metc-20231231xex31d2.htm (EX-31.2) — 28KB
• metc-20231231xex32d1.htm (EX-32.1) — 9KB
• metc-20231231xex32d2.htm (EX-32.2) — 9KB
• metc-20231231xex95d1.htm (EX-95.1) — 225KB
• metc-20231231xex97d1.htm (EX-97.1) — 45KB
• metc-20231231x10k006.jpg (GRAPHIC) — 111KB
• metc-20231231x10k007.jpg (GRAPHIC) — 121KB
• metc-20231231xex97d1001.jpg (GRAPHIC) — 1KB
• 0001558370-24-003256.txt (&nbsp;) — 12838KB
• metc-20231231.xsd (EX-101.SCH) — 74KB
• metc-20231231_cal.xml (EX-101.CAL) — 81KB
• metc-20231231_def.xml (EX-101.DEF) — 415KB
• metc-20231231_lab.xml (EX-101.LAB) — 602KB
• metc-20231231_pre.xml (EX-101.PRE) — 538KB
• metc-20231231x10k_htm.xml (XML) — 1761KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 22 ITEM 1B. Unresolved Staff Comments 58 ITEM 1C. Cybersecurity 58 ITEM 2.

Properties

Properties 59 ITEM 3.

Legal Proceedings

Legal Proceedings 69 ITEM 4. Mine Safety Disclosures 69 PART II ITEM 5. Market for Registrant's Common Equity and Related Shareholder Matters 70 ITEM 6. [ Reserved ] 71 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 71 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 83 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 85 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119 ITEM 9A.

Controls and Procedures

Controls and Procedures 119 ITEM 9B. Other Information 120 ITEM 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 120 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 121 ITEM 11.

Executive Compensation

Executive Compensation 121 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 ITEM 13. Certain Relationships and Related Persons Transactions 121 ITEM 14. Principal Accountant Fees and Services 121 PART IV ITEM 15. Exhibits and Financial Statement Schedules 122

SIGNATURES

SIGNATURES 131 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K (the "Annual Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this report, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included in this report Annual Report.

Forward-looking statements may include statements about

Forward-looking statements may include statements about: anticipated production levels, costs, sales volumes and revenue; timing and ability to complete major capital projects; economic conditions in the metallurgical coal and steel industries; expected costs to develop planned and future mining operations, including the costs to construct necessary processing, refuse disposal and transport facilities; estimated quantities or quality of our metallurgical coal reserves; our ability to obtain additional financing on favorable terms, if required, to complete the acquisition of additional metallurgical coal reserves as currently contemplated or to fund the operations and growth of our business; maintenance, operating or other expenses or changes in the timing thereof; the financial condition and liquidity of our customers; competition in coal markets; the price of metallurgical coal or thermal coal; compliance with stringent domestic and foreign laws and regulations, including environmental, climate change and health and safety regulations, and permitting requirements, as well as changes in the regulatory environment, the adoption of new or revised laws, regulations and permitting requirements; potential legal proceedings and regulatory inquiries against us; the impact of weather and natural disasters on demand, production and transportation; purchases by major customers and our ability to renew sales contracts; credit and performance risks associated with customers, suppliers, contract miners, co-shippers and traders, banks and other financial counterparties; geologic, equipment, permitting, site access and operational risks and new technologies related to mining; transportation availability, performance and costs; availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives and tires; timely review and approval of permits, permit renewals, extensions and amendments by regulatory

Business

Item 1. Business Ramaco Resources, Inc. is a Delaware corporation formed in October 2016. Our Class A and Class B common stock are listed on the NASDAQ Global Select Market under the symbols "METC" and "METCB," respectively. Our 9.00% Senior Notes due 2026 (the "Senior Notes") are listed on the NASDAQ Global Select Market under the symbol "METCL". Our principal corporate offices are located in Lexington, Kentucky. As used herein, "Ramaco Resources," "Ramaco," "the Company," "we," "us," or "our," and similar terms include Ramaco Resources, Inc. and its subsidiaries, unless the context indicates otherwise. General We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. We are a pure play metallurgical coal company with 59 million reserve tons and 1,119 million measured and indicated resource tons of high-quality metallurgical coal. We believe our advantaged reserve geology provides us with higher productivity and industry-leading lower cash costs. Our development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also control mineral deposits near Sheridan, Wyoming as part of the Company's initiatives regarding the potential recovery of rare earth elements as well as the potential commercialization of coal-to-carbon-based products and materials. Our operations include six active mines at our Elk Creek mining complex (the "Elk Creek Complex"), three active mines at our Berwind mining complex (the "Berwind Complex"), two active mines at our Knox Creek mining complex (the "Knox Creek Complex"), and one active mine at our Maben mining complex

View Full Filing

View this 10-K filing on SEC EDGAR