Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for Feb. 13, 2024:
1. Ramaco Resources, Inc. (NASDAQ: METC) provided an update on a number of operational and financial matters.
The company projects a nearly 50% increase in Q4 2023 net income and adjusted EPS, with Adjusted EBITDA also rising by over 25%, which would be the year's strongest quarter. Coal shipments remained steady, achieving a four million tons annual rate, while inventory levels dropped slightly.
Ramaco anticipates its second-best year in 2023, with net income expected between $80-$82 million and adjusted EBITDA between $180-$182 million. Sales also hit a record 3.5 million tons at an average price of $169 per ton, a notable increase from the previous year.
After increasing 2024 sales commitments by 1.8 million tons, the company raised its sales and production outlook to 4.2-4.6 million tons. This reflects strong market acceptance and the potential for reaching a five million tons sales run-rate by year-end 2024, a 40% year-over-year growth.
Ramaco also acquired a preparation plant for $3 million for its Maben Complex, with an extra $8 million in development costs. This move aims to cut trucking costs and improve efficiency, with the plant expected to be operational by Q4 2024, thereby reducing overall mine costs.
2. Hycroft Mining Holding Corporation (NASDAQ: HYMC) announced the start of a 2024 drill program targeting high-grade silver at the Hycroft Mine in Nevada.
Recent drilling and analysis discovered significant high-grade silver mineralization, with continuity along previously unidentified trends. The 2024 Drill Program aims to define these trends and explore untested areas for continuous high-grade silver, with notable results from the Vortex-Brimstone and Vortex-Camel trends showing silver values in the hundreds to several thousand grams per ton.
Vice President of Exploration Alex Davidson commented, "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."
3. Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) commenced drilling on its Zoro Lithium Property in Manitoba, where it will target spodumene-bearing dykes for significant resource expansion, particularly at Dyke 1 and Dyke 8, which have shown high-grade lithium mineralization.
Foremost received a multi-year work permit from the Mining Permit Office for the Zoro Property that is 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, said: “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.”
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