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RAMACO Ramaco Resources , Inc. Reports Second Quarter 2021 Financial Results LEXINGTON , Ky . , Aug. 2 , 2021 / PRNewswire / -- • Net income was $ 9.9 million ( EPS of $ 0.23 ) and Adjusted EBITDA was $ 18.1 million for the second quarter of 2021. Adjusted EBITDA was the second - best quarter for the Company since our inception , driven by record total sales of 686,000 tons , annualized production from Elk Creek of 2.20 million tons , and continued strong cost control . As a result of our solid year - to - date results , we are again increasing both our full - year 2021 production and sales guidance , while lowering both our full - year 2021 cost and capital expenditure guidance . • Due to our strong second quarter of 2021 , we have shifted to a net cash position of $ 6.0 million as of June 30 , 2021. This compares to net debt of $ 15.3 million as of March 31 , 2021. Subsequent to quarter - end , the Company had the following events : a . Ramaco completed a $ 34.5 million offering of senior unsecured 9.00 % notes , which mature in July 2026 ; b . The Company was awarded a $ 32.7 million jury verdict in its lawsuit against Chubb Insurance , which has not yet been paid and is subject to potential appeal and post - trial motions ; and , c . Ramaco was informed that the U.S. Small Business Administration ( " SBA " ) had forgiven an approximately $ 8.4 million Paycheck Protection Program ( " PPP " ) Loan which had been granted to the Company in 2020 . • In late July 2021 , the Company's new Big Creek mine uncovered coal in its first work area . Construction is continuing on schedule , with production anticipated to ramp throughout the third quarter . The Berwind slope development is also progressing on time and on budget . Combined with existing production , the Company anticipates having at least 3 million tons of production on an annualized basis by mid - year 2022 . Ramaco Resources , Inc. ( NASDAQ : METC ) ( " Ramaco " or the " Company " ) today reported quarterly net income of $ 9.9 million , or $ 0.23 per diluted share for the three months ended June 30 , 2021 , which was 275 % above net income of $ 2.7 million , or $ 0.06 per diluted share for the three months ended June 30 , 2020 . The Company's adjusted earnings before interest , taxes , depreciation , amortization and equity - based compensation ( " Adjusted EBITDA " ) was $ 18.1 million for the three months ended June 30 , 2021 , 67 % higher than the $ 10.8 million of Adjusted EBITDA for the three months ended June 30 , 2020 . Key operational and financial metrics are presented below : Key Metrics Change Change Total Tons Sold ( ' 000 ) Revenue ( $ mm ) Cost of Sales ( $ mm ) 2Q21 1Q21 686 422 $ 76.1 $ 43.5 $ 57.8 $ 31.2 2Q20 Pricing of Company Produced ( $ / Ton ) $ 96 $ 89 62 % 362 89 % 75 % $ 36.4 109 % 85 % $ 30.1 92 % 8 % $ 91 5 % Cash Cost of Sales - Company Produced ( $ / Ton ) $ 69 $ 59 17 % $ 74 ( 7 ) % Cash Margins on Company Produced ( $ / Ton ) $ 27 $ 30 ( 10 ) % $ 17 59 % Net Income ( $ mm ) $ 9.9 $ 4.1 140 % $ 2.7 275 % Diluted Earnings per Share $ 0.23 $ 0.10 136 % $ 0.06 262 % Adjusted EBITDA ( $ mm ) $ 18.1 $ 11.5 Capex ( $ mm ) $ 4.8 $ 3.7 57 % $ 10.8 67 % 30 % $ 9.1 ( 47 ) % Second Quarter 2021 Summary Year over Year Quarterly Comparison Overall production in the second quarter of 2021 was 574,000 tons , up 47 % from the same period of 2020. Elk Creek alone produced 550,000 tons in the second quarter of 2021 , which was a quarterly record . Overall total sales in the second quarter of 2021 were 686,000 tons , up 89 % from 362,000 tons in the second quarter of 2020. Cash margins on Company produced coal were $ 27 per ton in the second quarter of 2021 , up 59 % from the same period of 2020. Pricing of Company produced coal sold was $ 96 per ton , which was 5 % higher in the second quarter of 2021 compared to the second quarter of 2020. Company produced cash mine costs were $ 69 per ton in the second quarter of 2021 , which were 7 % lower than the same period of 2020. Despite higher sales related costs , as well as modest inflationary pressures , cash mine costs at Elk Creek of $ 64 per ton in the second quarter of 2021 were 10 % lower than the same period of 2020 . Sequential Quarter Comparison Total sales volume of 686,000 tons in the second quarter of 2021 was up 62 % from the first quarter of 2021. This was a quarterly record by 27 % . Cash margins on Company produced coal decreased by 10 % from the first quarter of 2021 , due to higher cash costs per ton in the second quarter of