Emboldened Projections for Ramaco Resources, Inc.
As financial figures and operational updates resurface, Ramaco Resources, Inc. METC, gives investors a cheery forecast. The company anticipates a nearly 50% increase in Q4 2023 net income and adjusted EPS, coupled with adjusted EBITDA also ascending by over 25%. These numbers would represent the strongest quarter of the year. Despite a slight dip in inventory levels, coal shipments maintained a steady pace, achieving a four million-ton annual rate. The company also forecasts its second-best year in 2023, with net income expected between the ballpark of $80-$82 million and adjusted EBITDA between $180-$182 million. Sales, too, displayed prowess by hitting a record 3.5 million tons with an average price of $169 per ton, a notable leap from the previous year. After augmenting 2024 sales commitments by 1.8 million tons and a hearty 40% year-over-year growth, the company is aiming for a 4.2-4.6 million tons sales outlook, possibly reaching a five million tons sales run-rate by year-end 2024.
Among other strategic moves, Ramaco acquired a preparation plant for $3 million for its Maben Complex, with an additional $8 million in development costs. This maneuver aims to pare down trucking costs and enhance efficiency, with the plant expected to be operational by Q4 2024, ultimately reducing overall mine costs.
Hycroft Mining Holding Corporation Commences 2024 Drilling
Shedding light on their 2024 drill program designed to target high-grade silver at the Hycroft Mine in Nevada, Hycroft Mining Holding Corporation HYMC disclosed recent drilling and analysis that unearthed substantial high-grade silver mineralization. The 2024 Drill Program’s goal is to define these trends and explore untested areas for continuous high-grade silver. Vice President of Exploration, Alex Davidson, remarked, “The 2024 Drill Program is very exciting as it will put the pieces together in understanding the structural framework around these two previously unrecognized trends as well as expand the significantly mineralized trends. We are now able to integrate the historical geophysical and drilling data with the tremendous results from the 2023 drill program to focus this year’s drilling on the new Hycroft story.”
Foremost Lithium Resource & Technology Ltd. Initiates Drilling at Zoro Lithium Property
Foremost Lithium Resource & Technology Ltd. FMST has commenced drilling on its Zoro Lithium Property in Manitoba to target spodumene-bearing dykes for significant resource expansion, particularly at Dyke 1 and Dyke 8, which have exhibited high-grade lithium mineralization. The company received a multi-year work permit from the Mining Permit Office for the Zoro Property, valid until April 26, 2026, and was partially funded by a $300,000 grant awarded by the Manitoba Mineral Development Fund at the start of 2024. President and CEO of Foremost Lithium, Jason Barnard, expressed enthusiasm, saying, “Our maiden resource at our Dyke 1 remains our high priority target with the potential for significant resource expansion beyond its current estimates. Given the fact that we have received a multi-year permit, we have time on our side to build tonnage and resource. Our Zoro Property has 16 proven spodumene-bearing lithium pegmatite dykes. This is an ideal opportunity to get those drills turning and hit some great intersections to create great new catalysts for our company and shareholders, regardless of current market conditions.”
Now Read: Magnificent 7 Lose More Than $250 Billion As Blazing Inflation Data Triggers Market Sell-Off
Photo: Shutterstock
