Resource News

Delivers record net income for a third straight quarter

Achieves record coking coal realizations and gross coking coal margins

Announces a quarterly dividend of $118.7 million , or $6.00 per share

ARCH Resources, Inc. (NYSE: ARCH) today reported net income of $407.6 million or $19.30 per diluted share, in the second quarter of 2022, compared with net income of $27.9 million or $1.66 per diluted share, in the prior-year period.  ARCH had adjusted earnings before interest, taxes, depreciation, depletion, amortization, accretion on asset retirement obligations (ARO), and non-operating expenses ("adjusted EBITDA") [1] of $460.0 million in the second quarter of 2022, which included a $1.9 million non-cash mark-to-market loss associated with its coal-hedging activities.  This compares to $66.5 million of adjusted EBITDA in the second quarter of 2021, which included an $8.8 million non-cash mark-to-market loss associated with its coal-hedging activities.  Revenues totaled $1,133.4 million for the three months ended June 30, 2022 versus $450.4 million in the prior-year quarter.

Arch Resources Logo (PRNewsfoto/Arch Resources, Inc.)

In the second quarter of 2022, Arch made significant progress on numerous strategic priorities and objectives:

  • Delivered record net income for the third straight quarter
  • Achieved record coking coal realizations and gross coking coal margins
  • Reduced total indebtedness by $135.8 million , or 42.1 percent, resulting in a net positive cash position of $94.9 million
  • Reached the targeted funding level of $130.0 million – inclusive of a July payment of $30 million – for its recently established thermal mine reclamation fund
  • Deployed $280.7 million for dividends and convertible securities settlements under its recently relaunched capital return program, and
  • Declared a third quarter cash dividend of $118.7 million , or $6.00 per share, even with a $137.8 million build in the company's receivables balance associated with a substantial increase in high-priced seaborne shipments in the quarter's second half

"During the second quarter, the Arch team delivered another strong financial performance – with record net income, record coking coal realizations and record coking coal margins – despite continuing rail service challenges and isolated geologic issues in our core metallurgical segment," said Paul A. Lang , Arch's CEO and president.  "In addition, Arch deployed a total of $280.7 million under its recently relaunched capital return program; further fortified the balance sheet via the repayment of $135.8 million of indebtedness; and contributed $90 million to the thermal mine reclamation fund – inclusive of a July payment – that increased total funding to $130.0 million , or 100 percent of the target level.  In short, we are delivering on our clear, consistent and actionable plan for value creation by continuing to strengthen our financial position and reward our stockholders."

"Based on the continuing strength in Arch's operating performance and in keeping with the company's recently adopted capital return formula, the board has declared a total quarterly dividend of $118.7 million , or $6.00 per share, which is equivalent to 50 percent of Arch's second quarter discretionary cash flow," Lang added.  "We view this substantial dividend, in conjunction with the $8.11 per share dividend paid in the second quarter, as a clear indication of the board's ongoing confidence in the company's future outlook, and as compelling evidence of Arch's significant and expanding cash-generating capabilities."

Capital Allocation Model

In February 2022, Arch announced a new capital allocation model that includes the return to stockholders of 50 percent of the prior quarter's discretionary cash flow – defined as cash flow from operating activities minus capital expenditures and contributions to the thermal mine reclamation fund – via a variable quarterly cash dividend in conjunction with a fixed quarterly cash dividend.  The company plans to retain the remaining discretionary cash flow from the prior quarter for use in share buybacks, the repurchase of potentially dilutive securities, special dividends, and/or capital preservation.

Arch generated $268.2 million in cash flow from operating activities in the second quarter, despite a $137.8 million build in the company's receivables balance associated with a substantial increase in high-priced seaborne shipments in the quarter's second half.  The second quarter dividend payment of $6.00 per share – which includes a fixed component of $0.25 per share and a variable component of $5.75 per share – is payable on September 15, 2022 to stockholders of record on August 31, 2022.

While the board is still evaluating the optimal use of the discretionary cash flow remaining after the announced cash dividend payment, it views share buybacks as an effective means of returning capital to stockholders and views Arch stock as an attractive investment option.

The Arch board recently increased the company's authorization under its share repurchase program to $500.0 million .

Financial and Liquidity Update

Arch ended the second quarter with cash and cash equivalents of $281.9 million and total liquidity of $349.7 million.  As indicated, Arch repaid $135.8 million of its outstanding indebtedness during the second quarter, reducing its total debt outstanding to just $187.0 million and resulting in a net positive cash position of $94.9 million at quarter-end.

"We are pleased to deliver on our commitment to returning our discretionary cash flow to stockholders, even as we take steps to further fortify our balance sheet, fully fund our thermal mine reclamation fund, and simplify our capital structure via the settlement of a significant percentage of our convertible notes," said Matthew C. Giljum, Arch's chief financial officer.  "Through these carefully structured efforts, we believe we are driving significant value for our stockholders while at the same time reducing the overall risk profile of the company and ensuring we have the financial flexibility to manage through future market downturns."

Since the beginning of 2022, Arch has deployed approximately $403.2 million under its capital return program (inclusive of the just-announced third quarter dividend); reduced its total debt by an aggregate of $417.5 million , or approximately 70%; and used a total of $110.0 million to complete the cash pre-funding of its thermal mine reclamation fund.

Operational Update

"The Arch team generated strong margins in both our core metallurgical and legacy thermal segments during the second quarter despite ongoing rail service disruptions, mounting inflationary pressures, and isolated geologic issues in our coking coal portfolio," said John T. Drexler , Arch's chief operating officer.  "Even with localized, tougher-than-expected cutting conditions in the second panel at Leer South, the metallurgical segment continued to build coking coal inventories during the quarter.  With 1.1 million tons of high-value coking coal in our mine and port stockpiles at quarter-end and the expectation of much-improved geologic conditions at Leer South beginning in late August, we fully expect to capitalize on still-strong market conditions as rail service recovers."





















Metallurgical












2Q22



1Q22



2Q21






















Tons sold (in millions)


2.1



1.5



2.0







Coking


2.1



1.5



1.8







Thermal


0.1



0.1



0.2







Coal sales per ton sold


$286.40



$255.52



$89.71







Coking


$294.28



$269.54



$96.03







Thermal


$16.16



$28.10



$23.43







Cash cost per ton sold


$98.95



$88.04



$59.37







Cash margin per ton


$187.45



$167.48



$30.34






















Coal sales per ton sold and cash cost per ton sold are defined and reconciled under "Reconciliation of non-GAAP measures."

Mining complexes included in this segment are Leer, Leer South, Beckley and Mountain Laurel.

























Despite higher-than-anticipated unit costs related to localized geologic issues, higher sales-sensitive costs associated with a higher average selling price, and inflationary pressures on materials and supplies, the metallurgical segment generated record margins during the second quarter.  Arch expects coking coal shipments to increase modestly in the third quarter when compared to second quarter levels, reflecting gradually improving but still hampered rail and logistical service levels, but has adjusted down full-year volume guidance to reflect ongoing challenges.















Thermal






2Q22



1Q22



2Q21
















Tons sold (in millions)


17.8



18.2



15.2




Coal sales per ton sold


$19.62



$18.85



$13.50




Cash cost per ton sold


$14.48



$13.43



$10.88




Cash margin per ton


$5.14



$5.42



$2.62
















Coal sales per ton sold and cash cost per ton sold are defined and reconciled under "Reconciliation of non-GAAP measures."


Mining complexes included in this segment are Black Thunder, Coal Creek and West Elk.




Despite a sequential stepdown in shipments during the second quarter, which is typically the weakest shipping period of the year in the Powder River Basin, as well as modest margin erosion, Arch's legacy thermal segment again generated robust amounts of cash.

Strategic Plan for Legacy Thermal Assets

During the second quarter, Arch continued to deliver on its dual objectives of driving forward with an accelerated reclamation plan at its legacy thermal operations, while simultaneously harvesting cash from these assets.  During the quarter, the legacy thermal segment delivered $93.3 million in segment-level adjusted EBITDA while expending just $4.6 million in capital.  Over the past 23 quarters, Arch's thermal operations have contributed just under $1.1 billion in segment-level adjusted EBITDA, while expending just $118.6 million in capital.

Since the beginning of 2021, Arch has reduced the asset retirement obligation at its Powder River Basin operations by more than 20 percent to $151.2 million at June 30 , 2022.   As previously discussed, Arch has also created a thermal mine reclamation fund that it is using to pre-fund and defease the long-term mine closure and reclamation obligations of its Powder River Basin operations.  Inclusive of a $60 million contribution to this fund in the second quarter and an incremental $30 million contribution earlier this month, the company has now reached its targeted funding level of $130 million , matching the asset retirement obligation at the Black Thunder mine.  Arch expects future contributions to this fund to total $3 million to $5 million per quarter – consistent with projected future accretion related to its asset retirement obligation at Black Thunder – potentially offset by creditable reclamation work completed during any given period.

"Since establishing our thermal mine reclamation fund in the fourth quarter of 2021, we have moved quickly to build the fund's balance to the targeted level of $130 million ," Giljum said.  "In doing so, we have set the stage for strong, continued cash generation from these assets even as we move forward with winding them down over an extended timeframe in a careful and responsible manner."

Market Update

While global metallurgical coal markets have softened considerably in recent weeks, coking coal prices remain at exceptionally strong levels in historic terms.  Arch's primary product, High-Vol A coking coal, is currently being assessed at $249 per metric ton on the U.S. East Coast.  The principal driver behind the recent erosion in coking coal market dynamics, Arch believes, is slowing economic growth across most of the world, which is having the predictable knock-on effect on global steel markets.  For the first six months of 2022, global hot metal production is down approximately 5.5 percent.

However, Arch sees other market dynamics that are acting to support global coking coal markets at present.  The first of these is still-weak coking coal production and shipping levels globally.  Coking coal exports out of Australia – traditionally the source of more than 50 percent of seaborne coking coal supply – continue to undershoot already weak 2021 levels, with export volumes down approximately 5 million tons, or roughly 7 percent, year-to-date.  Additionally, the war in Ukraine threatens to trim Russian coking coal export levels, particularly once the EU's ban on Russian coal imports take effect in a few weeks' time.  Elsewhere, U.S. and Canadian export levels are up only modestly year-to-date, despite exceptionally strong pricing levels through the year's first half.

Another potential support mechanism for the global coking coal market is a still strong international thermal market.  The price for thermal coal in Australia is currently around $415 per metric ton, and the thermal price in northern Europe stands at approximately $390 per metric ton.  As a result of that nearly unprecedented negative spread between metallurgical and thermal prices, Arch recently sold a vessel of its High-Vol B coking coal to a European thermal customer for delivery in the fourth quarter, at a price significantly above the U.S. East Coast metallurgical marks, and is actively exploring other such opportunities.

In addition, Arch continues to capitalize on exceptionally strong international thermal market conditions directly through the export of thermal volumes from its West Elk and – to a lesser extent – Black Thunder mines.  While rail service remains a significant barrier to moving additional volumes to energy-short international customers, Arch still anticipates shipping an incremental 600,000 tons of West Elk coal and nearly 500,000 tons of Black Thunder coal into international markets in the second half of 2022, at exceptional price levels.

Looking Ahead

"With our greatly upgraded coking coal portfolio, Arch is exceptionally well-positioned to capitalize on still-constructive coking coal market dynamics, both in the near and longer term, while continuing to harvest robust amounts of cash from our increasingly de-risked legacy thermal segment," said Lang.  "Even with rail-related volume constraints, inflation-driven cost pressures, and lower-than-anticipated productivity rates, we expect to generate significant amounts of discretionary cash flow in the year's second half, and to return this cash flow to stockholders according to the clearly articulated tenets of our recently established capital return formula."

"Looking ahead, we fully expect our world-class metallurgical asset base, premium High-Vol A product slate, highly fortified financial position, top-tier marketing and logistics expertise, and industry-leading ESG performance to continue to differentiate Arch from its competitors and to drive exceptional value for our stakeholders."















2022






Tons

$ per ton


Sales Volume (in millions of tons)








Coking




8.2

-

8.6




Thermal




73.0

-

77.0




Total




81.2


85.6














Metallurgical (in millions of tons)








Committed, Priced Coking North American



0.7


$216.36


Committed, Unpriced Coking North American



0.2




Committed, Priced Coking Seaborne




3.6


$284.82


Committed, Unpriced Coking Seaborne



2.0




Total Committed Coking





6.5














Committed, Priced Thermal Byproduct



0.4


$23.48


Committed, Unpriced Thermal Byproduct



-




Total Committed Thermal Byproduct




0.4














Average Metallurgical Cash Cost





$86.00 - $92.00












Thermal (in millions of tons)









Committed, Priced






73.9


$18.57


Committed, Unpriced





1.4




Total Committed Thermal





75.3




Average Thermal Cash Cost






$13.25 - $13.95






















Corporate (in $ millions)









D,D&A




$135.0

-

$140.0




ARO Accretion




$18.0

-

$21.0




S,G&A - cash




$73.0

-

$77.0




S,G&A - non-cash




$25.0

-

$28.0




Net Interest Expense



$17.0

-

$19.0




Capital Expenditures



$150.0

-

$160.0




Tax Provision (%)




Approximately 0%














Note: The company is unable to present a quantitative reconciliation of its forward-looking non-GAAP Segment cash cost per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include transportation costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts transportation costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. In addition, the impact of hedging activity related to commodity purchases that do not receive hedge accounting and idle and administrative costs that are not included in a reportable segment are additional reconciling items for Segment cash cost per ton sold. Management is unable to predict without unreasonable efforts the impact of hedging activity related to commodity purchases that do not receive hedge accounting due to fluctuations in commodity prices, which are difficult to forecast due to their inherent volatility. These amounts have historically varied and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. Idle and administrative costs that are not included in a reportable segment are expected to be between $10 million and $20 million in 2022.

Arch Resources is a premier producer of high-quality metallurgical products for the global steel industry.  The company operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship.  Arch Resources from time to time utilizes its website – www.archrsc.com – as a channel of distribution for material company information.  To learn more about us and our premium metallurgical products, go to www.archrsc.com .

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and future plans, and often contain words such as "should," "could," "appears," "estimates," "projects," "targets," "expects," "anticipates," "intends," "may," "plans," "predicts," "believes," "seeks," "strives," "will" or variations of such words or similar words. Actual results or outcomes may vary significantly, and adversely, from those anticipated due to many factors, including: impacts of the COVID-19 pandemic; changes in coal prices, which may be caused by numerous factors beyond our control, including changes in the domestic and foreign supply of and demand for coal and the domestic and foreign demand for steel and electricity; volatile economic and market conditions; operating risks beyond our control, including risks related to mining conditions, mining, processing and plant equipment failures or maintenance problems; weather and natural disasters; the unavailability of raw materials, equipment or other critical supplies, mining accidents, and other inherent risks of coal mining that are beyond our control; loss of availability, reliability and cost-effectiveness of transportation facilities and fluctuations in transportation costs; inflationary pressures and availability and price of mining and other industrial supplies; the effects of foreign and domestic trade policies, actions or disputes on the level of trade among the countries and regions in which we operate, the competitiveness of our exports, or our ability to export; competition, both within our industry and with producers of competing energy sources, including the effects from any current or future legislation or regulations designed to support, promote or mandate renewable energy sources; alternative steel production technologies that may reduce demand for our coal; the loss of key personnel or the failure to attract additional qualified personnel and the availability of skilled employees and other workforce factors; our ability to secure new coal supply arrangements or to renew existing coal supply arrangements; the loss of, or significant reduction in, purchases by our largest customers; disruptions in the supply of coal from third parties; risks related to our international growth; our relationships with, and other conditions affecting our customers and our ability to collect payments from our customers; the availability and cost of surety bonds, including potential collateral requirements; additional demands for credit support by third parties and decisions by banks, surety bond providers, or other counterparties to reduce or eliminate their exposure to the coal industry; inaccuracies in our estimates of our coal reserves; defects in title or the loss of a leasehold interest; losses as a result of certain marketing and asset optimization strategies; cyber-attacks or other security breaches that disrupt our operations, or that result in the unauthorized release of proprietary, confidential or personally identifiable information; our ability to acquire or develop coal reserves in an economically feasible manner; our ability to comply with the restrictions imposed by our term loan debt facility and other financing arrangements; our ability to service our outstanding indebtedness and raise funds necessary to repurchase our convertible notes for cash following a fundamental change or to pay any cash amounts due upon conversion; existing and future legislation and regulations affecting both our coal mining operations and our customers' coal usage; governmental policies and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases; increased pressure from political and regulatory authorities, along with environmental and climate change activist groups, and lending and investment policies adopted by financial institutions and insurance companies to address concerns about the environmental impacts of coal combustion; increased attention to environmental, social or governance matters; our ability to obtain and renew various permits necessary for our mining operations; risks related to regulatory agencies ordering certain of our mines to be temporarily or permanently closed under certain circumstances; risks related to extensive environmental regulations that impose significant costs on our mining operations, and could result in litigation or material liabilities; the accuracy of our estimates of reclamation and other mine closure obligations; the existence of hazardous substances or other environmental contamination on property owned or used by us; risks related to tax legislation and our ability to use net operating losses and certain tax credits; and our ability to pay base or variable dividends in accordance with our announced capital return program. All forward-looking statements in this press release, as well as all other written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements contained in this section and elsewhere in this press release. These factors are not necessarily all of the important factors that could cause actual results or outcomes to vary significantly, and adversely, from those anticipated at the time such statements were first made. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results and outcomes to be materially, and adversely, different than those expressed in our forward-looking statements. For these reasons, readers should not place undue reliance on any such forward-looking statements.  These forward-looking statements speak only as of the date on which such statements were made, and we do not undertake, and expressly disclaim, any duty to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the federal securities laws. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.




1 Adjusted EBITDA is defined and reconciled in the "Reconciliation of Non-GAAP measures" in this release.

Arch Resources, Inc. and Subsidiaries

Condensed Consolidated Income Statements

(In thousands, except per share data)























Three Months Ended June 30,



Six Months Ended June 30,



2022


2021



2022


2021



(Unaudited)



(Unaudited)











Revenues

$

1,133,358

$

450,389


$

2,001,294

$

807,932











Costs, expenses and other operating










Cost of sales (exclusive of items shown separately below)


639,760


355,329



1,147,985


665,235

Depreciation, depletion and amortization


32,780


27,884



64,990


53,681

Accretion on asset retirement obligations


4,430


5,437



8,860


10,874

Change in fair value of coal derivatives and coal trading activities, net


1,877


8,762



17,396


9,290

Selling, general and administrative expenses


26,516


24,119



53,164


45,599

Other operating expense (income), net


5,238


(4,347)



1,799


(9,615)



710,601


417,184



1,294,194


775,064











Income from operations


422,757


33,205



707,100


32,868











Interest expense, net










Interest expense


(5,138)


(2,941)



(12,185)


(7,069)

Interest and investment income


528


147



552


474



(4,610)


(2,794)



(11,633)


(6,595)











Income before nonoperating expenses


418,147


30,411



695,467


26,273











Nonoperating expenses










Non-service related pension and postretirement benefit costs


(459)


(539)



(1,332)


(2,066)

Net loss resulting from early retirement of debt


(9,629)


-



(13,749)


-



(10,088)


(539)



(15,081)


(2,066)











Income before income taxes


408,059


29,872



680,386


24,207

Provision for income taxes


496


2,006



951


2,383











Net income

$

407,563

$

27,866


$

679,435

$

21,824











Net income per common share










Basic earnings per share

$

24.26

$

1.82


$

42.14

$

1.43

Diluted earnings per share

$

19.30

$

1.66


$

32.21

$

1.31











Weighted average shares outstanding










Basic weighted average shares outstanding


16,801


15,294



16,124


15,289

Diluted weighted average shares outstanding


21,452


16,756



21,362


16,598











Dividends declared per common share

$

8.11

$

-


$

8.36

$

-











Adjusted EBITDA (A)

$

459,967

$

66,526


$

780,950

$

97,423





















(A) Adjusted EBITDA is defined and reconciled under "Reconciliation of Non-GAAP Measures" later in this release.

Arch Resources, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)















June 30,



December 31,



2022



2021



(Unaudited)




Assets






Current assets






Cash and cash equivalents

$

281,944


$

325,194

Short-term investments


-



14,463

Restricted cash


1,100



1,101

Trade accounts receivable


457,883



324,304

Other receivables


12,847



8,271

Inventories


212,752



156,734

Other current assets


54,805



52,804

Total current assets


1,021,331



882,871







Property, plant and equipment, net


1,108,926



1,120,043







Other assets






Equity investments


16,786



15,403

Fund for asset retirement obligations


100,000



20,000

Other noncurrent assets


66,604



78,843

Total other assets


183,390



114,246

Total assets

$

2,313,647


$

2,117,160







Liabilities and Stockholders' Equity






Current liabilities






Accounts payable

$

165,143


$

131,986

Accrued expenses and other current liabilities


191,125



167,304

Current maturities of debt


55,920



223,050

Total current liabilities


412,188



522,340

Long-term debt


127,107



337,623

Asset retirement obligations


194,249



192,672

Accrued pension benefits


591



1,300

Accrued postretirement benefits other than pension


74,300



73,565

Accrued workers' compensation


222,289



224,105

Other noncurrent liabilities


94,215



81,689

Total liabilities


1,124,939



1,433,294







Stockholders' equity






Common Stock


286



255

Paid-in capital


774,144



784,356

Retained earnings


1,234,979



712,478

Treasury stock, at cost


(827,381)



(827,381)

Accumulated other comprehensive income


6,680



14,158

Total stockholders' equity


1,188,708



683,866

Total liabilities and stockholders' equity

$

2,313,647


$

2,117,160

Arch Resources, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)













Six Months Ended June 30,



2022


2021



(Unaudited)

Operating activities





Net income

$

679,435

$

21,824

Adjustments to reconcile to cash from operating activities:





Depreciation, depletion and amortization


64,990


53,681

Accretion on asset retirement obligations


8,860


10,874

Deferred income taxes


-


11

Employee stock-based compensation expense


14,552


8,498

Amortization relating to financing activities


1,130


3,110

Gain on disposals and divestitures, net


(697)


(413)

Reclamation work completed


(8,204)


(28,218)

Contribution to fund asset retirement obligations


(80,000)


-

Changes in:





Receivables


(138,155)


(49,568)

Inventories


(56,018)


(36,523)

Accounts payable, accrued expenses and other current liabilities


37,083


14,590

Income taxes, net


427


2,337

Coal derivative assets and liabilities, including margin account


17,710


381

Other


20,054


25,525

Cash provided by operating activities


561,167


26,109






Investing activities





Capital expenditures


(53,157)


(147,957)

Minimum royalty payments


(1,000)


(1,124)

Proceeds from disposals and divestitures


1,547


438

Proceeds from sales of short-term investments


14,450


68,986

Investments in and advances to affiliates, net


(4,027)


(1,114)

Cash used in investing activities


(42,187)


(80,771)






Financing activities





Payments on term loan due 2024


(272,288)


(1,500)

Proceeds from tax exempt bonds


-


44,985

Payments on convertible debt


(129,941)


-

Net payments on other debt


(19,939)


(18,795)

Debt financing costs


-


(1,537)

Dividends paid


(154,567)


-

Payments for taxes related to net share settlement of equity awards


(4,908)


(1,316)

Proceeds from warrants exercised


19,412


-

Cash (used in) provided by financing activities


(562,231)


21,837






Decrease in cash and cash equivalents, including restricted cash


(43,251)


(32,825)

Cash and cash equivalents, including restricted cash, beginning of period


326,295


193,445






Cash and cash equivalents, including restricted cash, end of period

$

283,044

$

160,620






Cash and cash equivalents, including restricted cash, end of period





Cash and cash equivalents

$

281,944

$

153,516

Restricted cash


1,100


7,104







$

283,044

$

160,620

Arch Resources, Inc. and Subsidiaries

Schedule of Consolidated Debt

(In thousands)











June 30,



December 31,




2022



2021




(Unaudited)











Term loan due 2024 ($8.0 million face value)


$

8,002


$

280,353

Tax exempt bonds ($98.1 million face value)



98,075



98,075

Convertible Debt ($30.0 million face value)



30,006



121,617

Other



50,931



70,836

Debt issuance costs



(3,987)



(10,208)




183,027



560,673

Less: current maturities of debt



55,920



223,050

Long-term debt


$

127,107


$

337,623








Calculation of net (cash) debt







Total debt (excluding debt issuance costs)


$

187,014


$

570,881

Less liquid assets:







Cash and cash equivalents



281,944



325,194

Short term investments



-



14,463




281,944



339,657

Net (cash) debt


$

(94,930)


$

231,224

Arch Resources, Inc. and Subsidiaries

Operational Performance

(In millions, except per ton data)





























Three Months Ended
June 30, 2022


Three Months Ended
March 31, 2022


Three Months Ended
June 30, 2021



(Unaudited)


(Unaudited)


(Unaudited)

Metallurgical













Tons Sold


2.1




1.5




2.0
















Segment Sales

$

605.3

$

286.40

$

394.3

$

255.52

$

180.1

$

89.71

Segment Cash Cost of Sales


209.1


98.95


135.9


88.04


119.2


59.37

Segment Cash Margin


396.2


187.45


258.4


167.48


60.9


30.34














Thermal













Tons Sold


17.8




18.2




15.2
















Segment Sales

$

349.1

$

19.62

$

342.9

$

18.85

$

205.2

$

13.50

Segment Cash Cost of Sales


257.7


14.48


244.3


13.43


165.3


10.88

Segment Cash Margin


91.4


5.14


98.6


5.42


39.9


2.62














Total Segment Cash Margin

$

487.6



$

357.1



$

100.8
















Selling, general and administrative expenses


(26.5)




(26.6)




(24.1)



Other


(1.2)




(9.4)




(10.1)
















Adjusted EBITDA

$

460.0



$

321.0



$

66.5



Arch Resources, Inc. and Subsidiaries

Reconciliation of NON-GAAP Measures

(In thousands, except per ton data)






Included in the accompanying release, we have disclosed certain non-GAAP measures as defined by Regulation G.
The following reconciles these items to the most directly comparable GAAP measure.






Non-GAAP Segment coal sales per ton sold






Non-GAAP Segment coal sales per ton sold is calculated as segment coal sales revenues divided by segment tons sold. Segment coal sales revenues are adjusted for transportation costs, and may be adjusted for other items that, due to generally accepted accounting principles, are classified in "other income" on the consolidated Income Statements, but relate to price protection on the sale of coal. Segment coal sales per ton sold is not a measure of financial performance in accordance with generally accepted accounting principles. We believe segment coal sales per ton sold provides useful information to investors as it better reflects our revenue for the quality of coal sold and our operating results by including all income from coal sales. The adjustments made to arrive at these measures are significant in understanding and assessing our financial condition. Therefore, segment coal sales revenues should not be considered in isolation, nor as an alternative to coal sales revenues under generally accepted accounting principles.






Quarter ended June 30, 2022

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Revenues in the Condensed Consolidated Income Statements

$        724,492

$ 408,866

$         -

$      1,133,358

Less: Adjustments to reconcile to Non-GAAP Segment coal sales revenue





Coal risk management derivative settlements classified in "other income"

-

17,385

-

17,385

Coal sales revenues from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

-

-

Transportation costs

119,157

42,349

-

161,506

Non-GAAP Segment coal sales revenues

$        605,335

$ 349,132

$         -

$         954,467

Tons sold

2,114

17,792



Coal sales per ton sold

$          286.40

$    19.62













Quarter ended March 31, 2022

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Revenues in the Condensed Consolidated Income Statements

$        472,171

$ 395,765

$            -

$         867,936

Less: Adjustments to reconcile to Non-GAAP Segment coal sales revenue





Coal risk management derivative settlements classified in "other income"

-

9,074

-

9,074

Coal sales revenues from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

(1)

(1)

Transportation costs

77,863

43,744

1

121,608

Non-GAAP Segment coal sales revenues

$        394,308

$ 342,947

$            -

$         737,255

Tons sold

1,543

18,195



Coal sales per ton sold

$          255.52

$    18.85













Quarter ended June 30, 2021

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Revenues in the Condensed Consolidated Income Statements

$        219,448

$ 230,759

$       182

$         450,389

Less: Adjustments to reconcile to Non-GAAP Segment coal sales revenue





Coal risk management derivative settlements classified in "other income"

-

651

-

651

Coal sales revenues from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

181

181

Transportation costs

39,348

24,899

1

64,248

Non-GAAP Segment coal sales revenues

$        180,100

$ 205,209

$            -

$         385,309

Tons sold

2,007

15,204



Coal sales per ton sold

$            89.71

$    13.50



Arch Resources, Inc. and Subsidiaries

Reconciliation of NON-GAAP Measures

(In thousands, except per ton data)






Non-GAAP Segment cash cost per ton sold






Non-GAAP Segment cash cost per ton sold is calculated as segment cash cost of coal sales divided by segment tons sold. Segment cash cost of coal sales is adjusted for transportation costs, and may be adjusted for other items that, due to generally accepted accounting principles, are classified in "other income" on the consolidated Income Statements, but relate directly to the costs incurred to produce coal. Segment cash cost per ton sold is not a measure of financial performance in accordance with generally accepted accounting principles. We believe segment cash cost per ton sold better reflects our controllable costs and our operating results by including all costs incurred to produce coal. The adjustments made to arrive at these measures are significant in understanding and assessing our financial condition. Therefore, segment cash cost of coal sales should not be considered in isolation, nor as an alternative to cost of sales under generally accepted accounting principles.






Quarter ended June 30, 2022

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Cost of sales in the Condensed Consolidated Income Statements

$        328,302

$ 303,970

$    7,487

$         639,760

Less: Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales





Diesel fuel risk management derivative settlements classified in "other income"

-

3,939

-

3,939

Transportation costs

119,157

42,349

-

161,506

Cost of coal sales from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

4,331

4,331

Other (operating overhead, certain actuarial, etc.)

-

-

3,156

3,156

Non-GAAP Segment cash cost of coal sales

$        209,145

$ 257,682

$         -

$         466,827

Tons sold

2,114

17,792



Cash cost per ton sold

$            98.95

$    14.48













Quarter ended March 31, 2022

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Cost of sales in the Condensed Consolidated Income Statements

$        213,728

$ 288,084

$    6,413

$         508,225

Less: Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales





Diesel fuel risk management derivative settlements classified in "other income"

$                    -

$        27

$           -

27

Transportation costs

77,863

43,744

1

121,608

Cost of coal sales from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

3,704

3,704

Other (operating overhead, certain actuarial, etc.)

-

-

2,708

2,708

Non-GAAP Segment cash cost of coal sales

$        135,865

$ 244,313

$           -

$         380,178

Tons sold

1,543

18,195



Cash cost per ton sold

$            88.04

$    13.43













Quarter ended June 30, 2021

Metallurgical

Thermal

All Other

Consolidated

(In thousands)





GAAP Cost of sales in the Condensed Consolidated Income Statements

$        158,539

$ 190,245

$    6,545

$         355,329

Less: Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales





Transportation costs

39,348

24,899

1

64,248

Cost of coal sales from idled or otherwise disposed operations and pass through agreements not included in segments

-

-

4,354

4,354

Other (operating overhead, certain actuarial, etc.)

-

-

2,190

2,190

Non-GAAP Segment cash cost of coal sales

$        119,191

$ 165,346

$           -

$         284,537

Tons sold

2,007

15,204



Cash cost per ton sold

$            59.37

$    10.88



Arch Resources, Inc. and Subsidiaries

Reconciliation of Non-GAAP Measures

(In thousands)







Adjusted EBITDA












Adjusted EBITDA is defined as net income attributable to the Company before the effect of net interest expense, income taxes, depreciation, depletion and amortization, accretion on asset retirement obligations and nonoperating expenses. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of the Company's core operating performance.


Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles. The Company uses adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments. Furthermore, analogous measures are used by industry analysts and investors to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The table below shows how we calculate Adjusted EBITDA.















Three Months Ended June 30,



Six Months Ended June 30,



2022



2021



2022



2021



(Unaudited)



(Unaudited)

Net income

$

407,563


$

27,866


$

679,435


$

21,824

Provision for income taxes


496



2,006



951



2,383

Interest expense, net


4,610



2,794



11,633



6,595

Depreciation, depletion and amortization


32,780



27,884



64,990



53,681

Accretion on asset retirement obligations


4,430



5,437



8,860



10,874

Non-service related pension and postretirement benefit costs


459



539



1,332



2,066

Net loss resulting from early retirement of debt


9,629



-



13,749



-













Adjusted EBITDA

$

459,967


$

66,526


$

780,950


$

97,423

EBITDA from idled or otherwise disposed operations


3,957



3,997



6,348



7,563

Selling, general and administrative expenses


26,516



24,119



53,164



45,599

Other


(678)



8,376



8,804



7,111













Segment Adjusted EBITDA from coal operations

$

489,762


$

103,018


$

849,266


$

157,696













Segment Adjusted EBITDA












Metallurgical


396,426



61,246



655,430



102,843

Thermal


93,336



41,772



193,836



54,853













Total Segment Adjusted EBITDA

$

489,762


$

103,018


$

849,266


$

157,696

























Discretionary cash flow














Three Months Ended
June 30,






Six Months Ended
June 30,






2022






2022






(Unaudited)






(Unaudited)




Cash flow from operating activities

$

268,228





$

561,167




Less: Capital expenditures


(30,869)






(53,157)




Discretionary cash flow

$

237,359





$

508,010




Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/arch-resources-reports-second-quarter-2022-results-301594926.html

SOURCE Arch Resources, Inc.

News Provided by PR Newswire via QuoteMedia

ARCH
ProKidney Strengthens Board of Directors with Appointments of Dr. John M. Maraganore and Jennifer Fox

ProKidney Strengthens Board of Directors with Appointments of Dr. John M. Maraganore and Jennifer Fox

Maraganore brings more than 35 years of scientific, research and development, capital markets and managerial leadership expertise to ProKidney

Fox joins Board with more than 25 years of healthcare investment banking, finance and capital markets experience

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Arch Resources to Announce Second Quarter 2022 Results on July 28

Arch Resources to Announce Second Quarter 2022 Results on July 28

ARCH Resources, Inc. (NYSE: ARCH) will discuss its second quarter 2022 financial results in an investor conference call that will be broadcast live on Thursday, July 28 at 11:00 a.m. Eastern time .

Arch Resources Logo (PRNewsfoto/Arch Resources, Inc.)

Interested participants may access the conference call by dialing 800-289-0720 approximately five to 10 minutes prior to the start time. For participants calling from an overseas location, please dial +1 323-701-0160. No passcode is needed. The call will also be webcast and will be accessible via the "investor" section of the Arch website at http://investor.archrsc.com . Following the live event, a replay and an audio download will be available on the site.

Arch's second quarter 2022 earnings release will be distributed via PR Newswire before the market opens on July 28 and will be posted to the company's website at that time.

Arch Resources is a premier producer of high-quality metallurgical products for the global steel industry. The company operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/arch-resources-to-announce-second-quarter-2022-results-on-july-28-301585142.html

SOURCE Arch Resources, Inc.

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Nickel Creek Platinum Announces 2022 Field Program at Nickel Shäw

Nickel Creek Platinum Announces 2022 Field Program at Nickel Shäw

Nickel Creek Platinum Corp. (TSX: NCP) (" Nickel Creek " or the " Company ") is pleased to announce that the Company formally commenced the drilling portion of its 2022 field program on July 1, 2022 at its 100%-owned Nickel Creek's Nickel Shäw Project in the Yukon, Canada .

Nickel Creek Platinum Logo (CNW Group/Nickel Creek Platinum Corp.)

Following successful completion of the recent C$2.7 million private placement, which included a Flow-Through Offering of C$2.4 million , the Company has secured the necessary funding required to perform an exploration program for the 2022 field season to collect data to facilitate completion of a Prefeasibility Study (" PFS "). This work will include PFS drilling on the Wellgreen deposit to support conversion of inferred mineral resources to indicated mineral resources and to collect additional geotechnical and hydrogeological data including the characterization of the proposed waste dump and tailings sites. Further drilling is also planned at the Arch exploration target to define the extent of mineralization.

Stuart Harshaw , President and CEO commented "We are looking forward to advancing the Nickel Shäw Project with our extensive program this summer. The nickel market needs projects like ours to develop in order to supply the increasing demand for nickel and copper to produce electric vehicles."

As part of the 2022 field program, the Company will be supported by the Kluane First Nation, the Company's First Nations partner via its operating companies, Kluane Development LP and Kluane Energy LP.

Scientific and Technical Information

The scientific and technical information disclosed in this news release was reviewed and approved by Cam Bell , an independent geologist on a consulting retainer contract with the Company and a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company and its flagship asset is its 100%-owned Nickel Shäw Project. The Nickel Shäw Project is a large undeveloped nickel sulphide project with a unique mix of metals including copper, cobalt and platinum group metals, located in the Yukon, Canada , one of the most favourable jurisdictions in the world. The Nickel Shäw Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers year-round access to deep-sea shipping ports in southern Alaska. The Company is also investigating other opportunities for shareholder value creation.

The Company is led by a management team with a proven track record of successful discovery, development, financing and operation of large-scale projects. Our vision is to create value for our shareholders by becoming a leading North American nickel, copper, cobalt and PGM producer.

Cautionary Note Regarding Forward-Looking Information

This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, statements relating to general future plans and objectives for the Company and the Nickel Shäw Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.

For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com . Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE Nickel Creek Platinum Corp.

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Arch Resources Publishes 2022 Sustainability Report

Arch Resources Publishes 2022 Sustainability Report

ARCH Resources, Inc. (NYSE: ARCH) today announced the publication of its 2022 sustainability report, now available for download on the company's website homepage at ARCHrsc.com.  The report details ARCH's commitment to the highest environmental, social and governance principles, and includes a robust discussion of the company's significant and ongoing progress in its 10-year pivot towards global steel and metallurgical coal markets, which are expected to play an essential role in the build-out of a new, low-carbon economy.

Arch Resources Logo (PRNewsfoto/Arch Resources, Inc.)

Among the highlights, the report delineates Arch's:

  • Lost-time incident rate of 1.01 in 2021, which was nearly 2.5-times better than the industry average
  • Perfect 2021 environmental compliance record under the federal mining law
  • 100 percent compliance against 134,000 water quality measurements conducted in 2021
  • Establishment of an industry-first thermal mine reclamation fund, which sets aside sufficient cash for final reclamation of its legacy thermal operations, and
  • Reductions now totaling 56 percent in direct and indirect CO 2 e emissions against its 2013 baseline year

"We believe Arch's long-term success hinges on our ability to drive continuous improvement against a wide range of ESG-related metrics," said Paul A. Lang , Arch's CEO and president.  "The Arch team's deep commitment to safety and environmental stewardship – as well as to the principles of transparency, integrity and good governance – serve as the very bedrock of the Arch corporate culture and provide a powerful foundation on which to build.  We remain sharply focused on driving even greater progress and extending our industry leadership in these critical areas of performance, and welcome ongoing dialogue with our many stakeholders as we pursue these objectives."

Arch Resources is a premier producer of high-quality metallurgical products for the global steel industry.  The company operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship.  Arch Resources from time to time utilizes its website – archrsc.com – as a channel of distribution for material company information.  To learn more about us and our premium metallurgical products, go to www.archrsc.com .

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and future plans, including our sustainability objectives, commitments, plans, programs, targets, goals and strategies, and often contain words such as "should," "could," "estimates," "project," "target," "expects,"  "may," "plans," "believes," "seeks," "strives," "will" or variations of such words or similar words. Actual results or outcomes, including the sustainability objectives, targets and commitments set forth in this report, may vary significantly, and adversely, from those anticipated due to many factors, including: unexpected delays, difficulties, and expenses in executing against the objectives, targets and commitments identified in this report; unexpected cost increases or technical difficulties in constructing, developing, maintaining or modifying sites, technologies or processes; technological innovations; impacts of the COVID-19 pandemic; changes in coal prices, which may be caused by numerous factors beyond our control, including changes in the domestic and foreign supply of and demand for coal and the domestic and foreign demand for steel and electricity; volatile economic and market conditions; operating risks beyond our control, including risks related to mining conditions, mining, processing and plant equipment failures or maintenance problems; weather, natural disasters and climate-related events; the unavailability of raw materials, equipment or other critical supplies, mining accidents, and other inherent risks of coal mining that are beyond our control; the degree to which necessary data can be gathered and verified; loss of availability, reliability and cost-effectiveness of transportation facilities and fluctuations in transportation costs; inflationary pressures and availability and price of mining and other industrial supplies; the effects of foreign and domestic trade policies, actions or disputes on the level of trade among the countries and regions in which we operate, the competitiveness of our exports, or our ability to export; competition, both within our industry and with producers of competing energy sources, including the effects from any current or future legislation or regulations designed to support, promote or mandate renewable energy sources; alternative steel production technologies that may reduce demand for our coal; the loss of key personnel or the failure to attract additional qualified personnel and the availability of skilled employees and other workforce factors; our ability to secure new coal supply arrangements or to renew existing coal supply arrangements; the loss of, or significant reduction in, purchases by our largest customers; disruptions in the supply of coal from third parties; risks related to our international growth; our relationships with, and other conditions affecting our customers and our ability to collect payments from our customers; the availability and cost of surety bonds, including potential collateral requirements; additional demands for credit support by third parties and decisions by banks, surety bond providers, or other counterparties to reduce or eliminate their exposure to the coal industry; inaccuracies in our estimates of our coal reserves; defects in title or the loss of a leasehold interest; losses as a result of certain marketing and asset optimization strategies; cyber-attacks or other security breaches that disrupt our operations, or that result in the unauthorized release of proprietary, confidential or personally identifiable information; our ability to acquire or develop coal reserves in an economically feasible manner; our ability to comply with the restrictions imposed by our financing or insurance arrangements; our ability to service our outstanding indebtedness and raise funds necessary to repurchase our convertible notes for cash following a fundamental change or to pay any cash amounts due upon conversion; existing and future legislation and regulations affecting both our coal mining operations and our customers' coal usage, governmental policies and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases; increased pressure from political and regulatory authorities, along with environmental and climate change activist groups, and lending and investment policies adopted by financial institutions and insurance companies to address concerns about the environmental impacts of coal combustion; increased attention to environmental, social or governance matters ("ESG"); our ability to obtain and renew various permits necessary for our mining operations; risks related to regulatory agencies ordering certain of our mines to be temporarily or permanently closed under certain circumstances; risks related to extensive environmental regulations that impose significant costs on our mining operations, and could result in litigation or material liabilities; the accuracy of our estimates of reclamation and other mine closure obligations; the existence of hazardous substances or other environmental contamination on property owned or used by us; and risks related to tax legislation and our ability to use net operating losses and certain tax credits; and our ability to pay base or variable dividends in accordance with our announced capital return program. All forward-looking statements in this report, as well as all other written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements contained in this section and elsewhere in this report. These factors are not necessarily all of the important factors that could cause actual results or outcomes to vary significantly, and adversely, from those anticipated at the time such statements were first made. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results and outcomes to be materially, and adversely, different than those expressed in our forward-looking statements. For these reasons, readers should not place undue reliance on any such forward-looking statements.  These forward-looking statements speak only as of the date on which such statements were made, and we do not undertake, and expressly disclaim, any duty to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the federal securities laws. For a description of some of the risks and uncertainties that may affect our future results, you should see the "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K and subsequent Form 10-Q and current report on Form 8-K filings made with the Securities Exchange Commission ("SEC"). Furthermore, while future events discussed in this report may be significant, any significance should not be read as necessarily rising to the level of the definition of materiality used for the purposes of certain disclosures required to be included in our SEC filings. Moreover, given the uncertainties, estimates and assumptions inherent in the matters discussed in this report, and the timelines involved, materiality is inherently difficult to assess far in advance.  In addition, given the inherent uncertainty of the estimates, assumptions and timelines associated with the matters discussed in this report, we may not be able to anticipate in advance whether or the degree to which we will or will not be able to meet our plans, targets or goals.  In addition, non-financial information, such as that included in parts of this report, is subject to greater potential limitations than financial information, given the methods used for calculating or estimating such information. The company has not and does not intend to independently verify third-party data contained in this report or used in the estimates and assumptions necessary to the matters discussed in this report.

In addition, many of the standards and performance metrics used and referred to in the objectives, targets and commitments set forth or referred to in this report continue to evolve and are based on management expectations and assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees. The standards and performance metrics used, and the expectations and assumptions they are based on, have not unless otherwise expressly specified, been verified by any third party.

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SOURCE Arch Resources, Inc.

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Equity Reports Additional High-Grade Mineralization at the Camp and Sveinson Targets, Silver Queen Project, BC; Drilling Resumes

Equity Reports Additional High-Grade Mineralization at the Camp and Sveinson Targets, Silver Queen Project, BC; Drilling Resumes

Equity Metals Corporation (TSXV: EQTY) ("Equity") reports thick intercepts of mineralization in both lateral step-outs to the Camp Vein and at depth in the Sveinson Target from recent drilling on the Silver Queen property, BC.

Drill highlights Include:

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Gran Tierra Energy Inc. Announces New Credit Facility

Gran Tierra Energy Inc. Announces New Credit Facility

Gran Tierra Energy Inc. (" Gran Tierra " or the " Company ") (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced that it has, through its wholly owned subsidiaries Gran Tierra Energy Colombia, LLC and Gran Tierra Colombia Inc., entered into a credit facility of up to US$150 million. The facility replaces Gran Tierra's previous credit facility that had a borrowing base of US$150 million. The new facility is with Trafigura, a market leader in the global commodities industry, and has a final maturity date of August 15, 2024, which may be extended to February 18, 2025 if certain conditions are met.

Highlights of the new facility include:

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Podium Minerals

High Grade Pgm Intercepts Continue As Stage 10 Exploration Hits Target Along 15km Strike

Podium Minerals Limited (ASX: POD, ‘Podium’ or ‘the Company’) is pleased to announce new intercepts for 17 holes returned from Stage 10 drilling confirm the continuity of the Parks Reef mineralisation along the full 15 km of the orebody’s strike length, supporting the successful delivery of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM)1,2 in addition to the existing resource.

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Marquee Resources Limited

Final Assays - Lone Star Copper-Gold Project

Marquee Resources Limited (Company or Marquee) (ASX: MQR) is pleased to announce the final assay results from the Lone Star Copper-Gold Project, Washington State, USA (Lone Star or the Project). Results from the final batch of assays continue to intersect a wide mineralised envelope (up to 150m @ >0.5% Cu) with high-grade mineralised zones (up to 19.8m @ >2% Cu) within the core of the system. The Company’s focus now turns to completion of a maiden, JORC compliant resource estimate

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What is a Preliminary Economic Assessment?

What is a Preliminary Economic Assessment?

Knowing what a preliminary economic assessment is will help new market participants better understand news from mineral resource issuers and mining projects.

A preliminary economic assessment, sometimes abbreviated as PEA, is defined as a study that includes an economic analysis of the potential viability of a project’s mineral resources.

PEAs are completed before prefeasibility and feasibility studies, and are an important step in determining whether a company should develop a mineral resource project.

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Anson Resources

Anson Targets New Zones in Resource Expansion Drilling at Paradox Lithium Project

Brines Sampled in Clastic Zones 41, 43, 45 & 47

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that it has successfully drilled additional new zones at the priority Cane Creek 32-1 well in its ongoing Resource expansion drilling program at its Paradox Lithium Project in Utah, USA (the Project).

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Burley Minerals Ltd

Burley Obtains Drilling Approvals For Yerecoin Iron Project

Emerging mineral explorer, Burley Minerals Ltd (Burley or the Company) (ASX: BUR) is pleased to announce approvals for its maiden drill campaign at its 70% owned Yerecoin Iron Project, in Western Australia which has not been drilled in over 13 years. The initial drilling programme has DMIRS PoW’s allowing for up to 33-holes consisting of a combination of both RC and diamond drilling at the Yerecoin Main deposits. Magnetite resource areas are targeted for infill drilling to upgraded Resource confidence and provide sufficient metallurgical samples.

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