Saundarya

Saundarya, on behalf of Nick Giles from B. Riley Securities, inquired about the directional impact on the Brook Mine's capital expenditure, relative to the prior $1.1 billion estimate, now that solvent extraction has been removed from the flow sheet. She also asked about Ramaco's strategy for leveraging favorable critical mineral policy, specifically regarding DPA Title III or DOE loan programs for financing.

Answer

Michael Woloschuk, EVP of Critical Mineral Operations, explained that while some CapEx is removed from the back end, the main CapEx will be in carbochlorination, deferring specific figures to the upcoming PEA. Jason Fannin, Chief Commercial Officer, confirmed ongoing discussions with government groups regarding financing, noting that the pivot to gallium for semiconductors is expected to enhance these conversations.