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- **Q3 EBITDA up 35% YoY to $12.5 million**
- **Contract Mining segment tonnage +20% YoY, Florida embankment project secured**
- **2026 EBITDA target $70 million, debt reduced to $80 million**
- **MLMC operating profit to improve in 2026 with contract pricing mechanics**
- **New MTECK dragline projects driving 2026 growth**

**【CEO Summary Section】**
- Third quarter operating profit improved to $6.7 million, up from breakeven in Q2, driven by sequential EBITDA growth to $12.5 million. 
- Contract Mining segment saw 20% YoY tonnage growth and 3% sequential improvement in operating profit. 
- New Florida embankment project secured with MTECK draglines, expected to contribute $4.2 million in EBITDA by Q2 2026. 
- Mississippi Lignite Mining Company (MLMC) operating profit expected to improve in 2026 due to contract pricing mechanics. 
- Minerals and Royalties segment completed $4.2 million Midland Basin acquisition, expanding mineral interests. 

**【CFO Financial Commentary】**
- Consolidated revenue $76.6 million (+24% YoY), operating profit $6.7 million. 
- Contract Mining segment EBITDA $12.5 million (+35% YoY). 
- Mississippi Lignite Mining Company (MLMC) operating profit $13.3 million, down 15% YoY due to contractually determined pricing. 
- 2026 outlook: $44 million capital spend, $70 million 2026 EBITDA target. 
- Debt reduced to $80.2 million, $152 million liquidity. 

**【Q&A Highlights】**
- Contract Mining segment ROIC below target due to long-term project timing (e.g., Sawtooth mine, Florida embankment project). 
- 2026 EBITDA target $70 million, driven by new contracts and operational efficiency. 
- Solar projects in development pipeline for tax credit eligibility. 
- Utility Coal Mining segment 2026 outlook: improved pricing mechanics and cost control. 
- Unallocated expenses up due to medical costs, share-based compensation, and business development. 
- 2026 EBITDA target $70 million, driven by new contracts and operational efficiency. 
- Pension plan termination expected in Q4 2025, triggering non-cash settlement charge. 


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