Ramaco Resources, Inc.

Good day and welcome to the Ramico Resources first quarter 2026 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead.

Thank you. On behalf of Ramico Resources, I'd like to welcome all of you to our first quarter 2026 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO, Chris Blanchard, our EVP for Mine Planning and Development, Jason Fanning, our Chief Commercial Officer, and Mike Woloszuk, our EVP of Critical Mineral Operations. 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 Ramico's expectations concerning future events. These statements are subject to risks, uncertainties, and other factors, many of which are outside of Ramico'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 and except as required by law, Ramico 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 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.ramicoresources.com. Lastly, I'd encourage everyone on this call to go onto our website and download today's investor presentation. With that said, let me introduce our Chairman and CEO, Randy Atkins.

Thanks, Jeremy, and thanks to everyone for joining us this morning. I'm going to lead off with our shareholder return and capital allocation strategy, because since the start of the year, we've bought back a significant amount of stock, and that has been for the first time. As we said in our release, thus far this year, we've repurchased about 2.6 million shares of our Class A common stock at an average price of about $1,450 per share, and that represents about 5% of our stock. Our stock currently continues to trade below levels of last year when we issued equity either directly in a stock issuance last summer or indirectly to our convertible notes last fall. We're also now generally trading on a forward basis in line with our Metco peers based on consensus estimates. As a dual platform company, we're currently seeing very little value in our stock price that reflects our rare earth or other critical mineral assets. So given that backdrop, we're going to continue to explore whether buying shares represents a prudent investment of our current cash capital. As of today, we've got about 63 million of additional buying power under the original $100 million authorization which the board provided last year. We also ended the first quarter with about 490 million in liquidity, which was up about 310% year over year. Our balance sheet is giving us lots of options to simultaneously consider continued share repurchases, advancing efforts at our brick mine, or growth efforts for our low-vol coals. In turning to the met coal business, we continued strong cost control in the same challenging market price conditions we've now endured for the past year. Our miss for this quarter has all been top line. This was the third consecutive quarter of cash costs which were under $100 per ton. In the face of the rising diesel prices this year, we've managed to accomplish this cost discipline without cutting wages or benefits to our miners, which we regard as the most significant. I would note that on our mine cost, the conflict with Iran has had a related impact, of course, on oil pricing, and has escalated the cost of all of our fuel products. We've seen rack pricing increase to as high as $5.45 a gallon across our operations, which is up from about $2.50 at the end of last year. Based on our historical purchases and usage of diesel and gasoline, on an annualized basis, Ramico realizes about $1.50 per ton of cost increase for each dollar per gallon of diesel fuel increase. This impacts not only direct mine costs but indirectly through third-party transportation costs for both our raw and clean coal. While we're expecting fuel prices to ultimately subside sometime in the second half, at current levels, the impact on our mining cost is approximately $4 per ton when compared to earlier this year in 26. And despite our continued solid operational performance, Coal markets remain challenged, both in general and especially on pricing, once again, especially on high vol side. While high vol prices rose modestly in the first quarter of 26, we still view current indices as unsustainably weak. One important point that I would like to note, however, is regarding future pricing. We are finally beginning to see some long-anticipated drops in production, both domestically and overseas. We are witnessing everything from bankruptcies, production cutbacks, distressed sale processes, and in all these cases, they involve both large public and private producers. By our estimates, almost 2 million tons came out of the domestic market in 25. This year, we expect an additional roughly 3 million tons or more to follow. At some inflection point, these production cutbacks will create a supply imbalance, which will begin to impact pricing, we hope. Our growth plans relating to coal are all about the low vol markets. Last quarter, we restarted our Laurel Fork mine and will be adding a an additional third section to our Berwyn mine this summer. At full production, these projects are expected to add about 100,000 to 200,000 tons of low vol in 26 and about a half million tons of production additionally in 27. Our new rail loadout is under construction at our low vol Maven complex and is expected to be complete later this year. When it opens, we expect to save about $20 per ton on trucking costs. And the loadout, of course, gives us more options when we consider whether and when to start our MAVEN 1.5 million ton low vol deep mine project as market conditions dictate. We've also been a bit quiet for the past few months on our rare earth element and critical minerals front. However, we have not been idle. I expect that in the second half, we will reflect and announce a number of milestones. We have principally been waiting on receipt of the revised conceptual study from Hatch, which we expect in late June, as well as the technical geological report summary coming from WEIR, which will follow. Both of these analyses are based on our new patent-pending carbochlorination processing technique. As we noted last quarter, our internal projections continue to estimate that this new flowsheet process should generate a material increase in incremental revenue and free cash flow. This is compared, of course, to our previously published projections by Fluor about a year ago using a different solvent extraction processing technique. With new independent analysis for the carbon chlorination flow sheet coming in focused, we've ramped up efforts regarding potential offtake transactions and non-diluted third-party financings. I will not get into specifics today, but we will make specific disclosures when those transactions are hopefully complete. But advanced discussions are continuing with both domestic and overseas groups, and these include both public and private counterparties. A further note, the subsequent more detailed preliminary feasibility study, also being prepared by Hatch, remains on track to be completed in late 26. Today in Wyoming, our building structure to house the pilot plant seems to be able to be completed this summer, and the fabricated interior equipment will start installation this fall with full pilot operations starting in 27, all as previously announced. Last quarter, I also mentioned that we were exploring some reorganization options for Ramico's overall corporate structure as we move further into our dual platform. This effort is largely in response to anticipating the startup of our critical mineral operations. We have now taken a number of concrete legal and accounting steps to move this forward and have formed separate corporate entities within a holding company structure currently under the parent Ramico resources. One new company will be called Ramico Royalty. This will house all our mineral reserve, infrastructure, intellectual property rights, and other related income-producing assets. This will include our fee-owned reserves of both metallurgical and thermal coals, as well as our rare earth and critical minerals. Similarly, this entity will own our infrastructure assets in the east, such as our prep plants and rail loadouts. And in the west, It will own our pre-feed infrastructure related to the Brookbine processing facility. It will also include any possible rail infrastructure, as well as the critical mineral and storage facility we have been working on with Goldman Sachs. To our knowledge, this will be a unique collection of income-producing assets, especially those relating to rare earths, which will provide us some optionality in the future. The second company will be Ramico Critical Mineral Resources. This will house the production and sales operation of our Western Brook Mine rare earth critical minerals and thermal coal mining. Think of this as mirroring the same form of our existing met coal development, production, and sales operation in the east, except it will be exclusively focused on our western critical minerals. The third company will be Ramico Refining. This will hold the carbon chlorination separation facilities, which will be constructed to process the Brook Mine critical mineral feedstocks into oxides and MREC. This reorganization is being taken to both ultimately enhance shareholder value and better reflect the different and distinct forms of assets and operations that we both currently have and are developing for the future. Each of these operations have different operating, financial, and capital market profiles, even though for the time being they will all operate under the holding company structure of our parent Ramico resources. Hopefully, this structure will provide more operational and financial flexibility as we develop different and separate production, processing, and sales businesses in both the met coal as well as the critical mineral space. We expect to have the pieces in place for this reorganization in the second half of the year, and we'll also talk about it further at that point. So, with that, I'd like to turn the floor back over to the rest of the team to discuss finances and operations and markets. But first, I'll ask Mike Wolacek, who heads our critical mineral efforts, to provide some updates on our rare earth progress. So, Mike?