Precious Metals

Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG); (FSE:7BL); (OTCQB:BLAGF) is pleased to announce significant mineralized intercepts from the last of the 2022 Phase One drill results on its all year-round and road accessible Dome Mountain Gold Project, located a short 50-minute drive from Smithers, British Columbia. Drill results include 124 gt Au and 36.7 gt Ag over 0.76 meters from the Argillite Vein in hole DM-22-233 and 31.67 gt Au and 473 gt Ag over 1.09 meters from the Boulder Vein in hole DM-22-229

Drilling deep and on strike in the Boulder Vein encountered very significant mineralization which added over 200 m of strike length to the already deep intercepts 200 meters below the current 43-101 resource on the Boulder Vein System. Results include 31.67 g/t Au and 473.0 g/t Ag over 1.09 meters (including 86.20 g/t Au and 1280 g/t Ag over 0.39 meters) from DM-22-229 and 11.22 g/t Au and 15.4 g/t Ag over 0.94 meters and 6.99 g/t Au and 37.7 g/t Ag over 4.63 meters ( including 10.28 g/t Au and 37.7 g/t Ag over 1.88 meters) both from DM-22-231. True thicknesses of these intersections are estimated at 70% of the drill indicated length.

The 4.63 meter drill intercept (approximately 3.27 meter true thickness) in hole DM-22-231 is a thick intercept of the Boulder Vein that not only demonstrates that the Boulder Vein is robust at depth, it may in fact be swelling at depth.

Hole DM-22-233 intersected 124.4 g/t Au and 36.7 g/t Ag over 0.76 meters from the interpreted down-dip extension of the Argillite Vein. This intercept is 350 meters downdip of the current 43-101 resource. Insufficient structural data is available to determine true thickness. Table 1 summarizes the significant results from the Boulder Vein System drilling.

"Hole DM-22-229 provides a lot of confidence that mineralization on the Boulder Vein continues to depth", said Bill Cronk, Chief Geologist for Blue Lagoon Resources. "This hole was meant to step out along strike and target the Boulder Vein 200 meters along strike from the DM-20-139 intercept (17.69 g/t Au and 70.40 g/t Ag over 3.13 meters, see press release December 9, 2020). With this intercept we feel that drilling deep along strike will add significant value to the mineralized Boulder Vein System and, to the Dome Mountain Gold Project as a highly attractive regional gold development target," he added.

TABLE 1

Blue Lagoon Resources Inc. , Tuesday, July 5, 2022, Press release pictureBlue Lagoon Resources Inc. , Tuesday, July 5, 2022, Press release picture

Figure 1: Drill Hole Plan Map, Boulder Vein System

Blue Lagoon Resources Inc. , Wednesday, July 6, 2022, Press release picture

Figure 2: Cross Section, 653275E, Boulder Vein System. Note hatched zone in upper right denotes current resource. All stated intersection lengths are drill indicated lengths.

Further to the Boulder Vein System drilling, additional holes were drilled to the south into and around the historic 9800 Zone which features historic high grade surface exposure (see Figure 1)

Two holes were drilled into the area and both holes intersected high grade mineralization including 14.2 g/t Au, 92.9 g/t Ag and 5.4% Zn over 1.02 meters in hole DM-22-241. Table 2 highlights the significant results. This intercept is a new mineralized zone and will be followed up in the future. All intersection widths are drill indicated lengths as insufficient work has been done to determine orientations.

TABLE 2

Blue Lagoon Resources Inc. , Wednesday, July 6, 2022, Press release pictureBlue Lagoon Resources Inc. , Wednesday, July 6, 2022, Press release picture

Figure 3: Drill Hole Plan Map, 9800 Zone

Blue Lagoon Resources Inc. , Wednesday, July 6, 2022, Press release picture

Figure 4: Cross Section, 9800 Zone. All stated intersection lengths are drill indicated lengths.

QUALITY ASSURANCE AND CONTROL
Core selected for sampling was cut in half with a core saw or split with a hydraulic splitter with one half bagged for shipping. Strict chain of custody storing, and shipping protocol was maintained. All core preparation and analyses were completed by Activation Laboratories Ltd. located in Kamloops, BC. Core was crushed, split, and pulverized with 250 grams passing 200 mesh. Each sample was analyzed for gold by fire assay with ICP-OES finish (Act Labs Code 1A2-ICP) and for multi-elements by 4-acid total digestion ICP with OES finish.(Act Labs Code 1F2) Any gold overlimits (>30 ppm Au) were analyzed by gravimetricfire assay. Standards and blanks were inserted by Company staff. The sampling program was undertaken by Company personnel and under the direction of Ted Vanderwart, P.Geo.

The scientific and technical disclosure in this news release was approved by William Cronk, P.Geo, a Qualified Person as defined in NI 43-101 and a consultant to the Company.

For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: rana@ranavig.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE:Blue Lagoon Resources Inc.



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https://www.accesswire.com/707630/Blue-Lagoon-Encounters-Significant-Mineralization-on-the-Boulder-Vein--Adds-Over-200-Meters-of-Strike-Length-to-Previous-Deep-Intercept-200-Meters-Below-Current-Resource

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BLLG:CNX
Blue Lagoon Kicks Off 2022 Phase Two Drill And Exploration Program On Its Dome Mountain Gold Project

Blue Lagoon Kicks Off 2022 Phase Two Drill And Exploration Program On Its Dome Mountain Gold Project

Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that a crew has been mobilized to commence its Phase Two 2022 drill program on the Company's all year-round road accessible Dome Mountain Gold Project, located a short 50-minute drive from Smithers, British Columbia. A continuation of the 20,000-meter drill program announced in January 2022, the Phase 2 program is expected to be a minimum of 13,000 meters of diamond drilling

The Phase Two drilling, which starts today, will commence in the Chance Structural Zone, testing the hypothesis of a flat-lying structure hosting Au-bearing quartz-carbonate veins, intersected in the 2021 Phase 2 drill program ( Figure 1). The first hole will target between the DM-21-206 (14.49 g/t Au, 29.2 g/t Ag over 1.91m) and DM-21-218 (7.05 g/t Au, 17.4 g/t Ag over 3.98m). This initial target will test the flat lying target concept and follow up by using additional holes to define the extents of a possible new resource at Dome Mountain. Based on in house 3D modelling the minimum extents of a flat lying mineralized structure are at least 300m by 300m. Current modelling shows a mineralized structure dipping at approximately 12-15 degrees southwest.

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Interested parties may register for the conference call by clicking on this link . Please note that there is no longer a general dial-in number to participate and each individual party much register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a new feature that allows parties to elect to be called back through the "Call Me" function on the platform.

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SUNCOKE ENERGY, INC. REPORTS STRONG SECOND QUARTER 2022 RESULTS

SUNCOKE ENERGY, INC. REPORTS STRONG SECOND QUARTER 2022 RESULTS

  • Second quarter 2022 net income attributable to SXC was $18.0 million , or $0.21 per share; Year-to-date net income attributable to SXC was $47.5 million , or $0.56 per share

  • Adjusted EBITDA (1) for the quarter was $71.3 million , an increase of $3.3 million versus the prior year period; Year-to-date 2022 Adjusted EBITDA was $155.1 million

  • Increased quarterly dividend to 8 cents per share; a 33% increase

  • Entered into a non-binding letter of intent with United States Steel Corporation ("U.S. Steel") that sets out the principal terms and conditions upon which SunCoke would acquire U.S. Steel's Granite City blast furnaces and build a 2.0M ton per year granulated pig iron facility with a 10 year initial term

  • Increasing full year 2022 Adjusted EBITDA guidance range from $240 million - $255 million to $270 million - $285 million , reflecting continued success in the export coke market and strong performance at CMT

SunCoke Energy, Inc. (NYSE: SXC) today reported results for the second quarter 2022, reflecting continued strong performance in our Domestic Coke and Logistics segments.

SunCoke Energy, Inc.

"Our Domestic Coke and Logistics segments continued to perform well in the second quarter with the backdrop of strong commodity markets. Although our coke production was impacted due to planned outages this quarter, it was more than offset by higher margins from our export coke sales. Our Logistics segment continues to deliver solid results, with higher volumes at our domestic terminals and favorable pricing at CMT," said Mike Rippey , President and Chief Executive Officer of SunCoke Energy, Inc. "Recognizing both record first half performance and softening export coke market conditions, we are increasing full year Adjusted EBITDA guidance to $270 million - $285 million . Additionally our Board of Directors approved a 33% increase in quarterly dividends from 6 cents to 8 cents per share effective the next quarterly payment on September 1st ."

SECOND QUARTER CONSOLIDATED RESULTS

Three Months Ended June 30,

(Dollars in millions)

2022


2021


Increase

Revenues

$       501.9


$       364.3


$         137.6

Net (loss) income attributable to SXC

$         18.0


$          (8.8)


$           26.8

Adjusted EBITDA (1)

$         71.3


$         68.0


$             3.3



(1)

See definition of Adjusted EBITDA and reconciliation elsewhere in this release.



Revenues in the second quarter of 2022 increased $137.6 million as compared to the same prior year period, primarily reflecting the pass-through of higher coal prices and favorable export coke pricing.

Net income attributable to SXC increased $26.8 million from the same prior year period. The prior year period included a $22.7 million , net of tax impact of debt extinguishment costs related to our debt refinancing during the second quarter of 2021.

Adjusted EBITDA increased $3.3 million as compared to the same prior year period, primarily as a result of higher margins on export sales partially offset by lower domestic coke sales volumes described below.

SECOND QUARTER SEGMENT RESULTS

Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants.


Three Months Ended June 30,

(Dollars in millions, except per ton amounts)

2022


2021


Increase

(decrease)

Revenues

$       472.5


$       338.6


$           133.9

Adjusted EBITDA (1)

$         64.3


$         61.4


$               2.9

Sales volumes (thousands of tons)

1,007


1,063


(56)

Adjusted EBITDA per ton (2)

$       63.85


$       57.76


$             6.09



(1)

See definition of Adjusted EBITDA and reconciliation elsewhere in this release.

(2)

Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.



Revenues increased $133.9 million as compared to the same prior year period primarily reflecting the pass-through of higher coal prices and favorable export coke pricing.

Adjusted EBITDA increased $2.9 million as compared to the same prior year period largely due to higher margins on export sales partially offset by lower domestics coke sales volumes as a result of changes in the mix of production and timing of plant outages and repairs.

Logistics

Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal ("CMT"), Lake Terminal, Kanawha River Terminals ("KRT") and Dismal River Terminal ("DRT").


Three Months Ended June 30,

(Dollars in millions, except per ton amounts)

2022


2021


Increase

(decrease)

Revenues

$         19.8


$         16.7


$             3.1

Intersegment sales

$            7.3


$            7.4


$            (0.1)

Adjusted EBITDA (1)

$         12.5


$         11.4


$             1.1

Tons handled (thousands of tons)

5,809


5,104


705



(1)

See definition of Adjusted EBITDA and reconciliation elsewhere in this release.



Revenues and Adjusted EBITDA increased by $3.1 million and $1.1 million , respectively, as compared to the same prior year period driven by favorable pricing at CMT based on the API2 coal index price.

Brazil Coke

Brazil Coke consists of a cokemaking facility in Vitória, Brazil , which we operate for an affiliate of ArcelorMittal.

Revenues and Adjusted EBITDA were $9.6 million and $3.9 million , respectively, during the second quarter 2022, which was comparable to revenue and Adjusted EBITDA of $9.0 million and $4.0 million , respectively, in the second quarter 2021.

Corporate and Other
Corporate and other expenses, which include activity from our legacy coal mining business, was $9.4 million during second quarter 2022, $0.6 million higher than expense of $8.8 million during second quarter 2021 driven primarily by higher employee related expenses and higher professional services.

2022 REVISED OUTLOOK

Our 2022 revised guidance is based on higher export margins in our Domestic Coke plants and the API2 price adjustment benefit at CMT.

Our 2022 revised guidance is as follows:

  • Domestic Coke total production is expected to be approximately 4.1 million tons
  • Consolidated Adjusted EBITDA is expected to be between $270 million to $285 million
  • Capital expenditures are projected to be approximately $80 million
  • Cash generated by operations is estimated to be between $200 million to $215 million
  • Cash taxes are projected to be $10 million to $12 million
RELATED COMMUNICATIONS

We will host our quarterly earnings call at 11:30 a.m. Eastern Time ( 10:30 a.m. Central Time ) today. The conference call will be webcast live and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by dialing 1-888-660-6347 in the U.S. or 1-929-201-6594 if outside the U.S., confirmation code 36382.

SUNCOKE ENERGY, INC.

SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois , Indiana , Ohio , Virginia and Brazil . Our logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. The logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports. To learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com .

SunCoke routinely announces material information to investors and the marketplace using press releases, Securities and Exchange Commission filings, public conference calls, webcasts and SunCoke's website at http://www.suncoke.com/English/investors/sxc . The information that SunCoke posts to its website may be deemed to be material. Accordingly, SunCoke encourages investors and others interested in SunCoke to routinely monitor and review the information that SunCoke posts on its website, in addition to following SunCoke's press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

DEFINITIONS
  • Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt and transaction costs. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, and they should not be considered a substitute for net income or any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

  • Adjusted EBITDA attributable to SXC represents Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests.
FORWARD-LOOKING STATEMENTS

This press release and related conference call contain "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended).  Forward-looking statements often may be identified by the use of such words as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions.  However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.  Forward-looking statements are not historical facts, but instead represent only our beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements.  These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A ("Risk Factors") of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual  results to differ materially from those expressed in any forward-looking statement made by SunCoke. For information concerning these factors and other important information regarding the matters discussed in this presentation, see SunCoke's Securities and Exchange Commission filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com .  All forward-looking statements included in this presentation are expressly qualified in their entirety by such cautionary statements.  Unpredictable or unknown factors not discussed in this presentation also could have material adverse effects on forward-looking statements.

Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of the earnings release.  SunCoke does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events, or otherwise, after the date of the earnings release except as required by applicable law.

In addition, throughout this press release, we will use non-GAAP financial measures. Non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP.  Reconciliations to the most comparable GAAP financial measures can be found in the Appendix to this presentation.


SunCoke Energy, Inc.

Consolidated Statements of Operations

(Unaudited)








Three Months Ended June 30,


Six Months Ended June 30,



2022


2021


2022


2021












(Dollars and shares in millions, except per share amounts)

Revenues









Sales and other operating revenue


$              501.9


$              364.3


$              941.7


$              724.2

Costs and operating expenses









Cost of products sold and operating expenses


411.8


278.6


749.8


552.6

Selling, general and administrative expenses


19.8


17.7


37.8


33.0

Depreciation and amortization expense


35.8


34.1


71.0


66.5

Total costs and operating expenses


467.4


330.4


858.6


652.1

Operating income


34.5


33.9


83.1


72.1

Interest expense, net


8.3


14.2


16.3


26.9

Loss on extinguishment of debt



31.9



31.9

Income (loss) before income tax expense (benefit)


26.2


(12.2)


66.8


13.3

Income tax expense (benefit)


7.2


(4.7)


17.2


2.6

Net income (loss)


19.0


(7.5)


49.6


10.7

Less: Net income attributable to noncontrolling interests


1.0


1.3


2.1


3.0

Net income (loss) attributable to SunCoke Energy, Inc.


$               18.0


$                (8.8)


$                47.5


$                  7.7

Earnings (loss) attributable to SunCoke Energy, Inc. per common share:









Basic


$               0.21


$               (0.11)


$                0.57


$                0.09

Diluted


$               0.21


$               (0.11)


$                0.56


$                0.09

Weighted average number of common shares outstanding:









Basic


83.9


83.0


83.7


82.9

Diluted


84.6


83.0


84.4


83.5



SunCoke Energy, Inc.

Consolidated Balance Sheets




June 30, 2022


December 31, 2021



(Unaudited)





(Dollars in millions, except

par value amounts)

Assets





Cash and cash equivalents


$                  63.4


$                  63.8

Receivables, net


108.1


77.6

Inventories


193.1


127.0

Other current assets


6.6


3.5

Total current assets


371.2


271.9

Properties, plants and equipment (net of accumulated depreciation of $1,230.0
million and $1,160.1 million at June 30, 2022 and December 31, 2021,
respectively)


1,253.5


1,287.9

Intangible assets, net


34.2


35.2

Deferred charges and other assets


18.5


20.4

Total assets


$             1,677.4


$             1,615.4

Liabilities and Equity





Accounts payable


$                159.4


$                126.0

Accrued liabilities


51.6


52.4

Current portion of financing obligation


3.2


3.2

Income tax payable


1.4


0.6

Total current liabilities


215.6


182.2

Long-term debt and financing obligation


594.6


610.4

Accrual for black lung benefits


59.4


57.9

Retirement benefit liabilities


20.9


21.8

Deferred income taxes


178.2


169.0

Asset retirement obligations


12.2


11.6

Other deferred credits and liabilities


22.4


27.1

Total liabilities


1,103.3


1,080.0

Equity





Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued
shares at both June 30, 2022 and December 31, 2021



Common stock, $0.01 par value. Authorized 300,000,000 shares; issued
98,795,825 and 98,496,809 shares at June 30, 2022 and December 31,
2021, respectively


1.0


1.0

Treasury stock, 15,404,482 shares at both June 30, 2022 and December 31,
2021


(184.0)


(184.0)

Additional paid-in capital


724.4


721.2

Accumulated other comprehensive loss


(16.2)


(16.7)

Retained earnings (deficit)


13.9


(23.4)

Total SunCoke Energy, Inc. stockholders' equity


539.1


498.1

Noncontrolling interest


35.0


37.3

Total equity


574.1


535.4

Total liabilities and equity


$             1,677.4


$             1,615.4



SunCoke Energy, Inc.

Consolidated Statements of Cash Flows

(Unaudited)




Six Months Ended June 30,



2022


2021








(Dollars in millions)

Cash Flows from Operating Activities





Net income


$                  49.6


$                  10.7

Adjustments to reconcile net income to net cash provided by operating
activities:





Depreciation and amortization expense


71.0


66.5

Deferred income tax expense


9.2


0.6

Share-based compensation expense


3.0


2.3

Loss on extinguishment of debt



31.9

Changes in working capital pertaining to operating activities:





Receivables, net


(30.5)


(3.2)

Inventories


(66.1)


(17.7)

Accounts payable


31.9


14.1

Accrued liabilities


(0.9)


(2.8)

Interest payable



(1.4)

Income taxes


0.8


2.7

Other


(1.8)


0.9

Net cash provided by operating activities


66.2


104.6

Cash Flows from Investing Activities





Capital expenditures


(34.0)


(33.7)

Other investing activities



Net cash used in investing activities


(34.0)


(33.7)

Cash Flows from Financing Activities





Proceeds from issuance of long-term debt



500.0

Repayment of long-term debt



(609.3)

Proceeds from revolving facility


327.0


470.6

Repayment of revolving facility


(342.0)


(405.9)

Repayment of financing obligation


(1.6)


(1.4)

Debt issuance costs



(10.5)

Dividends paid


(10.3)


(10.1)

Cash distribution to noncontrolling interests


(4.4)


Other financing activities


(1.3)


(1.0)

Net cash used in financing activities


(32.6)


(67.6)

Net (decrease) increase in cash and cash equivalents


(0.4)


3.3

Cash and cash equivalents at beginning of period


63.8


48.4

Cash and cash equivalents at end of period


$                  63.4


$                  51.7

Supplemental Disclosure of Cash Flow Information





Interest paid, net of capitalized interest of zero and $0.3 million, respectively


$                  14.2


$                  25.6

Income taxes paid, net of refunds of zero and $2.9 million


$                    7.2


$                   (0.6)


SunCoke Energy, Inc.

Segment Financial and Operating Data


The following tables set forth financial and operating data for the three and six months ended June 30, 2022 and 2021, respectively:




Three Months Ended June 30,


Six Months Ended June 30,



2022


2021


2022


2021












(Dollars in millions, except per ton amounts)

Sales and other operating revenues:









Domestic Coke


$            472.5


$            338.6


$            884.1


$            673.9

Brazil Coke


9.6


9.0


19.0


17.5

Logistics


19.8


16.7


38.6


32.8

Logistics intersegment sales


7.3


7.4


14.8


14.0

Elimination of intersegment sales


(7.3)


(7.4)


(14.8)


(14.0)

Total sales and other operating revenues


$            501.9


$            364.3


$            941.7


$            724.2

Adjusted EBITDA (1) :









Domestic Coke


$             64.3


$             61.4


$            140.3


$            124.9

Brazil Coke


3.9


4.0


8.1


8.5

Logistics


12.5


11.4


25.1


22.3

Corporate and Other, net


(9.4)


(8.8)


(18.4)


(17.1)

Total Adjusted EBITDA


$             71.3


$             68.0


$            155.1


$            138.6

Coke Operating Data:









Domestic Coke capacity utilization (2)


100 %


100 %


99 %


101 %

Domestic Coke production volumes (thousands of tons)


997


1,054


1,972


2,090

Domestic Coke sales volumes (thousands of tons)


1,007


1,063


1,969


2,101

Domestic Coke Adjusted EBITDA per ton (3)


$            63.85


$            57.76


$            71.25


$            59.45

Brazilian Coke production—operated facility (thousands of tons)


406


425


825


842

Logistics Operating Data:









Tons handled (thousands of tons)


5,809


5,104


11,045


10,404


(1)

See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.

(2)

The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time. The Domestic Coke capacity utilization is calculated assuming a single ton of foundry coke replaces approximately two tons of blast furnace coke.

(3)

Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.


SunCoke Energy, Inc.

Reconciliation of Non-GAAP Information

Net Income to Adjusted EBITDA




Three Months Ended June 30,


Six Months Ended June 30,



2022


2021


2022


2021



(Dollars in millions)

Net income (loss) attributable to SunCoke Energy, Inc.


$               18.0


$                (8.8)


$                47.5


$                  7.7

Add: Net income attributable to noncontrolling interests


1.0


1.3


2.1


3.0

Net income (loss)


$               19.0


$                (7.5)


$                49.6


$                10.7

Add:









Depreciation and amortization expense


35.8


34.1


71.0


66.5

Interest expense, net


8.3


14.2


16.3


26.9

Loss on extinguishment of debt



31.9



31.9

Income tax expense (benefit)


7.2


(4.7)


17.2


2.6

Transaction costs (1)


1.0



1.0


Adjusted EBITDA


$               71.3


$                68.0


$              155.1


$              138.6

Subtract: Adjusted EBITDA attributable to noncontrolling interests (2)


2.0


2.3


4.1


4.9

Adjusted EBITDA attributable to SunCoke Energy, Inc.


$               69.3


$                65.7


$              151.0


$              133.7


(1)

Costs incurred as part of the granulated pig iron project with U.S. Steel.

(2)

Reflects noncontrolling interest in Indiana Harbor.


SunCoke Energy, Inc.

Reconciliation of Non-GAAP Information

Estimated 2022 Net Income

to Estimated Consolidated Adjusted EBITDA




2022



Low


High



(Dollars in millions)

Net income


$                67


$                83

Add:





Depreciation and amortization expense


141


137

Interest expense, net


33


31

Income tax expense


26


32

Transaction costs (1)


3


2

Adjusted EBITDA


$              270


$              285

Subtract: Adjusted EBITDA attributable to noncontrolling interest (1)


9


9

Adjusted EBITDA attributable to SunCoke Energy, Inc.


$              261


$              276


(1)

Costs incurred as part of the granulated pig iron project with U.S. Steel.

(2)

Reflects noncontrolling interest in Indiana Harbor.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/suncoke-energy-inc-reports-strong-second-quarter-2022-results-301597243.html

SOURCE SunCoke Energy, Inc.

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SUNCOKE ENERGY, INC. INCREASES QUARTERLY CASH DIVIDEND TO $0.08 PER SHARE

SUNCOKE ENERGY, INC. INCREASES QUARTERLY CASH DIVIDEND TO $0.08 PER SHARE

Today, SunCoke Energy, Inc. (NYSE: SXC) announced that its Board of Directors approved an increased cash dividend of $0.08 per share of the Company's common stock, representing a 33% increase over the regular quarterly cash dividend of $0.06 per share. The announced dividend is payable on September 1, 2022 to stockholders of record at the close of business on August 18 2022.

SunCoke Energy, Inc.

ABOUT SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois , Indiana , Ohio , Virginia and Brazil . Our logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. The logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports. To learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/suncoke-energy-inc-increases-quarterly-cash-dividend-to-0-08-per-share-301597152.html

SOURCE SunCoke Energy, Inc.

News Provided by PR Newswire via QuoteMedia

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