Ramaco Resources, Inc. announces conclusion of successful 2022 North American sales negotiations, acquisition of significant assets from Coronado, and new establishment of a regular dividend policy

About this update from Ramaco Resources, Inc.

[{"type":"text","content":"LEXINGTON, Ky., Oct. 26, 2021 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco\" or the \"Company\") announced that it has completed 2022 sales negotiations to its North American steel customers. Ramaco has now contracted to sell 1.67 million tons of both low volatile and high volatile coal at an overall average price of roughly $196 per short ton FOB mine. These sales translate into over $325 million in 2022 booked revenue. Based upon the Company's current mine costs, adjusted upward for higher sales related expense, the earnings from these domestic sales are estimated to generate roughly $190 million of adjusted EBITDA in 2022. These completed domestic sales represent approximately 54% of Ramaco's projected 2022 production of 3.1 million tons. The balance of roughly 1.5 million tons of 2022 production will be sold into export markets, at what is currently higher index-based pricing.\n\n \n \n \n \n \n \n\n \nRamaco also announced that it has now executed an Asset Purchase Agreement with companies owned by Coronado Global Resources Inc. (\"Coronado\") to purchase certain assets from Coronado (the \"Amonate Assets\"), described below. The cash consideration for the acquisition is $30 million to be paid at closing, anticipated to occur by mid-November. The acquisition will be immediately accretive to the Company beginning in 2022.\nFinally, the Company announced that its Board of Directors (\"Board\") authorized the initiation of a regular quarterly dividend to be paid beginning in the first quarter of 2022. The amount of the dividend and timing of both the record date and payment date will be set at the Company's Board meeting to be held in early December.\n2022 Domestic Sales:\nThe Company has completed its most successful domestic coal sales efforts since inception. In 2022, it will sell 1.67 million tons to North American steel mills. Based upon the Company's projected 2022 production of roughly 3.1 million tons (inclusive of new production from the Amonate Assets described below), the Company will have roughly 1.5 million tons remaining to be sold in 2022 consisting of 800,000 tons of low and mid volatile coal and 700,000 tons of high volatile coal.\nAmonate Assets and Berwind Mine:\nThe Amonate Assets being acquired from Coronado include a mine complex located in McDowell County, West Virginia and Tazewell Co...

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