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Hallador Vitality Firm (NASDAQ:HNRG) Q2 2022 Earnings Convention Name August 16, 2022 2:00 PM ET
Firm Individuals
Rebecca Palumbo – Investor Relations
Larry Martin – Chief Monetary Officer
Brent Bilsland – President and Chief Govt Officer
Convention Name Individuals
Nick Giles – B. Riley Securities
John Moran – Robotti & Firm
Operator
Thanks for standing by and welcome to the Hallador Second Quarter 2022 Earnings Name. My identify is Sam and I will likely be your moderator for at present’s name. [Operator Instructions] I now like at hand the decision over to Rebecca Palumbo, Investor Relations. Rebecca?
Rebecca Palumbo
Thanks, Sam, and thanks everyone for taking the time to affix us at present. Yesterday afternoon, we launched our second quarter 2022 monetary and working outcomes on Type 10-Q that’s now posted on our web site. With me at present on this name is Brent Bilsland, our President and CEO; and Larry Martin, our CFO. After our ready remarks, our crew will likely be obtainable to reply your questions.
Earlier than we start, please observe that the dialogue at present could comprise forward-looking statements which are statements associated to future, not previous occasions. On this context, forward-looking statements typically handle our anticipated future enterprise and monetary efficiency. Whereas these forward-looking statements are based mostly on info presently obtainable to us, if a number of of those dangers or uncertainties materialize or if our underlying assumptions show incorrect, precise outcomes could differ materially from these we projected or anticipated.
For instance, our estimates of binding prices future gross sales, laws and rules. In offering these remarks, we’ve got no obligation to publicly replace or revise any forward-looking statements whether or not on account of new info, future occasions, or in any other case could also be required by regulation.
For a dialogue of a few of these dangers and uncertainties that will have an effect on our future outcomes, you must see the chance elements described from time-to-time within the stories we file with the SEC.
As a reminder, this convention name is being recorded. As well as, a stay and archived webcast at this earnings name can be obtainable on Hallador’s web site. We encourage you to ask questions throughout our Q&A. If you’re on the webcast and want to ask a query, you will want to dial into the convention. The toll free quantity is 844-200-6205, entry code 393229.
Now with that, I will flip the decision over to Larry.
Larry Martin
Thanks, Becky, and good afternoon, everybody. At this time we’re reporting our second quarter working outcomes. And earlier than I get began, I wish to outline adjusted EBITDA as working money flows plus present revenue tax expense, much less results of sure subsidiaries and fairness technique investments, plus financial institution curiosity much less the consequences of working capital, interval adjustments, plus money paid on asset retirement obligations, reclamation, plus different amortization.
We had a internet loss for the quarter of $3.4 million or $0.11 a share. Our year-to-date loss was $3.5 million or $0.44 a share. Our adjusted EBITDA was $11.5 million for the quarter, $14.1 million for the 12 months, and we elevated our debt by $10.7 million for the quarter and $19 million for the 12 months.
Our financial institution debt at June 30 was $130.7 million. Our internet debt was $121.9 million and our leverage ratio, which is debt to adjusted EBITDA was 3.27x.
I’ll now flip the decision over to our CEO, Brent Bilsland.
Brent Bilsland
Thanks, Larry. Within the second quarter, our accomplishments exceeded our expectations. We have been profitable in returning our working value construction to historic ranges. We contracted for two.2 million tons of ahead gross sales over $125 per ton, dramatically rising our future gross sales costs. We’re profitable in elevating a complete of $29 million over the second and third quarter so as to add to our liquidity.
All three of those occasions, reducing our value construction, rising our gross sales costs and including to our liquidity enormously improved our present and future monetary place. Additionally throughout the quarter, we made important progress in the direction of closing the acquisition of the Merom energy plant throughout the subsequent few months, pending governmental and monetary approvals.
As we glance to working outcomes, 1.6 million tons have been shipped throughout the quarter at a mean gross sales worth of $40.23. This was $1.17 per ton decrease than Q1 and is anticipated to be our lowest gross sales worth quarter for the subsequent a number of years. As we are going to expertise roughly an $8 per ton enhance within the third and fourth quarter, considerably greater than that subsequent 12 months.
Q2 manufacturing prices have been $31.83. This represents a $7.71 per ton lower over Q1. Productiveness on the mine improved dramatically accounting for almost all of the price enchancment. Through the second quarter, our working money movement was unfavourable $2.7 million, because of will increase in accounts receivable, stock, elements and provides, and money spent on ARO reclamation.
Our financial institution debt elevated by 10.7 million, which as of June 30 stood at 130.7 million. Liquidity was $9 million and our leverage ratio got here in at 3.27x. To place ourselves in higher monetary footing and to extend liquidity, we issued $10 million of convertible notes throughout the second quarter adopted by a further $19 million of convertible notes within the third quarter, equaling a complete of $29 million. 10 million of the convertible notes have been transformed to fairness throughout the second quarter.
The corporate was profitable in executing an modification with our banks modifying our debt-to-EBITDA covenant and our debt service covenant for Q3. We mission being totally in compliance with all future covenants.
Through the second and third quarter, we have been profitable in executing ahead contracts, gross sales for coal averaging costs in extra of $125 a ton for the 2022, 2023, 2024 and 2025 timeframe. These new contracts will dramatically enhance our common gross sales costs. If you happen to take a look at the primary half of this 12 months, we’ve got averaged $40.77 per ton. Within the final half of this 12 months, we count on to common $49 per ton, count on that worth enhance to be somewhat bit extra closely weighted in the direction of the fourth quarter than the third.
Once we take a look at 2023, we count on our common gross sales worth to be at $58 per ton. So, this in impact will greater than triple our margins going ahead. In our prior earnings name, we had mentioned our plan of taking as much as 25% of our 2023 Oaktown manufacturing to the Merom energy plant, as we felt that was probably the most precious use of these tons at the moment.
Nonetheless, quickly after disclosing these plans, market circumstances modified considerably and we felt it was higher used to promote the vast majority of these tons to third-party prospects. I feel it is a prime instance of the optionality the Merom energy plant will afford us as soon as we shut on the transaction.
You realize, if Merom is one of the best use of tons, which I feel the vast majority of the time will probably be, that is the place we’ll take them, however like we simply confirmed, if third occasion prospects are prepared to pay greater than we really feel price on the plant, we’re prepared to execute on that plan as effectively. These contracts enable Hallador to generate 160 million of adjusted EBITDA in 2023. And we count on little or no revenue from Merom in 2022 and in 2023 because the plant remains to be restricted.
Nonetheless, the money movement will likely be so nice that we mission that we are going to be internet debt free earlier than the top of subsequent 12 months. So, we’re very enthusiastic about that. If we’re capable of alleviate Merom’s gas limitations, there’s additional upside to Hallador’s 2023 adjusted EBITDA.
Trying on the closing of the acquisition, we really feel we have made nice progress in the direction of closing the Merom acquisition on each the regulatory and the monetary entrance. We anticipate closing will happen within the subsequent couple of months, topic to attaining our remaining authorities and monetary approvals.
Our crew, our working accomplice in CAMS, our vitality accomplice in [Aces] [ph] have all labored very laborious to make sure a profitable transition for Merom to carry out because it ought to on day one. We have by no means been extra enthusiastic about the way forward for Hallador. We’re thrilled of our new gross sales contracts. We really feel comfy that we’re on strong floor financially. and we stay up for the promising alternative the Merom energy plant brings Hallador and its shareholders.
So, with that, I will open up the road for questions and feedback.
Query-and-Reply Session
Operator
Thanks. [Operator Instructions] Our first query comes from the road of Lucas Pipes with B. Riley Securities. Lucas, your line is now open.
Nick Giles
Sure, hello. That is Nick Giles asking a query on behalf of Lucas. What does the 160 million of EBITDA assume for quantity and value respectively?
Larry Martin
I am sorry, I did not catch your identify.
Nick Giles
Hello. Yeah. That is Nick Giles, asking a query on behalf of Lucas. How’s it going?
Brent Bilsland
Alright. Thanks. Larry, I do not wish to misspeak on the price. I do know that we’re bringing on some extra manufacturing subsequent 12 months out of the floor pit that could be a little greater value. And we have reported that quantity going ahead as, Larry, I will allow you to fill that in.
Larry Martin
$34 to $35 within the fourth quarter and effectively $36 for subsequent 12 months
Nick Giles
Received it. Okay. That is useful. After which to follow-up there, does the 160 million, does it require the transaction to shut at Merom or is it impartial of the facility plant acquisition?
Brent Bilsland
That is impartial. As we have stated, we count on little or no revenue out of the plant except we’re capable of safe extra tons for the planet, which we’re engaged on. So, if we’re profitable in securing extra tons for the 2023 12 months, then there’s upside to the revenue potential past simply $160 million.
Nick Giles
Nice, nice. Okay, that is clear. Thanks for that shade. After which I feel final one for me. Do it’s worthwhile to make any investments in mine infrastructure gear, hiring any labor to get to that $160 million goal?
Brent Bilsland
We have made nice progress on the hiring entrance. That is an space that we have struggled since I feel our preliminary plan began in September of 2021 that we had a objective of hiring a further 200 plus staff. And I feel we have now – final rely, we have added about 190 of these. So, we’re nearly to the – our goal quantity that we wish to be at.
So far as on the gear entrance, no we’ve got the gear we’ve got, our – effectively, I take that again. We’ve got added some CapEx to reopen a floor pit in Freelandville, Indiana. And we have added somewhat little bit of floor gear to that – to the corporate to convey roughly 600,000 tons out of that pit for about – for mainly fourth quarter of this 12 months and within the steadiness of subsequent 12 months.
So, coal costs we’re seeing at ranges which are simply fairly frankly unparalleled. And we’re seeing, you already know, somewhat little bit of flip to that as effectively. And so, to justify bringing on somewhat bit of upper value manufacturing, which is why we’re exhibiting our value leaping up into the $36 vary as a result of it’s costly floor mining coal. However when you’ll be able to promote, as we have stated, over 2 million tons north of $125, a ton, these margins work.
So, gasoline costs have stayed sturdy. European costs have stayed sturdy. I feel, I noticed a worth for energy in Europe subsequent August of $600 a megawatt hour. I imply, so long as that retains taking place, you are going to see U.S. coal movement to Europe and that is going to maintain our market fairly tight. So, and we’re seeing, you already know, an extension of loads of coal fired energy vegetation that had introduced to retire.
I can identify three, type of in our yard which have all now prolonged saying, all proper, we will put a pair extra years on these vegetation simply because capability is admittedly laborious to search out, which is why capability costs went from nearly nothing to authorized restrict on this previous public sale. So, We nonetheless see extra energy plant retirements introduced, which goes to maintain capability costs tight and elevated.
We nonetheless see disruption in Europe, which can be retaining costs elevated and we’re nonetheless seeing actually for the subsequent three years, fairly excessive pure gasoline costs. So, all of these issues are good for Hallador’s enterprise. And we’re simply tremendously enthusiastic about the way forward for with the ability to revenue each as our coal firm and with the addition of the Merom energy plant, which we’re feeling good about that transaction getting closed right here shortly.
Nick Giles
Received it. That is very useful. Actually admire all of the element there. I suppose only one final one could be, do you might have – can you place some numbers across the incremental CapEx that you simply talked about?
Brent Bilsland
Sure. I will desire to Larry right here too, so I do not misquote the quantity.
Larry Martin
Sure. So, I feel the incremental CapEx for the floor mine is about 6.5 million.
Nick Giles
Received it. Received it. Nicely, actually admire all the colour and congrats on the progress up to now and proceed better of luck.
Brent Bilsland
Thanks, Nick.
Operator
Thanks, Nick. The subsequent query comes from the road of John Moran with Robotti & Firm. John, your line is open.
John Moran
Hello, Brent. Thanks. I had a – on the two.2 million tons that you simply offered throughout the quarter. You’ve got a disclosure on these ahead gross sales in your whole 10-Qs that references prospects choices or skill to cut back tonnage or enhance tonnage, how topic – how a lot of that might come into play on the brand new tons that you simply offered? For instance, if the coal worth collapses subsequent 12 months, can these prospects stroll away from parts of that – of these contracted tons?
Brent Bilsland
The two.2 million tons I referenced; these are fastened tons. There is not any plus minus on the volumes.
John Moran
So, that is a hard and fast worth and no skill to get out of that?
Brent Bilsland
Right.
John Moran
What about on the 2024 to 2027 volumes? How a lot of people who have been in place previous to this – these new contracts could be topic to rising volumes at, I suppose, what I name, stale pricing, if any?
Brent Bilsland
So, we disclosed, what, 7 million tons of gross sales, I feel, within the 2024 via 2027. We have been profitable in promoting a few of the 2.2 million ton, like I stated, it wasn’t that 2022, 2023, 2024, 2025 timeframe. Something past that was legacy? We do have – cling on right here, let me look some up.
Yeah. The legacy out in that 2026, 2027 timeframe is unpriced, so we’ve got quantity commitments, however not pricing commitments. So, you’d see these pricing come up.
John Moran
Okay.
Larry Martin
And possibly 200,000 to 300,000 of that 7 million is – can go up or down by 200,000 or 300,000.
John Moran
Okay. And the remainder of it is both – the remainder of it is both unpriced or fastened?
Brent Bilsland
Right.
John Moran
Okay, nice. After which only a query about Merom, so assuming that closes as you count on, what is going to that appear like subsequent 12 months? You stated, you are gas restricted, are you able to say – I assume a few of that info is public. I do not know the place to search out it, however, so that they should have contracts with third-party producers. So, I suppose there is no such thing as a coal obtainable for subsequent 12 months. So, are you able to say…
Brent Bilsland
I feel there’s been – there may be some gas buy for that plant. That gas will likely be devoted to producing [indiscernible] electrons, and we have set a worth with them on that, however we count on once more that worth – that plant to run at low capability elements. It’ll run, it’s going to make a small revenue, but it surely, you already know, this – hey, John, you have been the man on the final name who stated if you happen to can promote coal versus take it to the plant at these greater costs, why would not you do this? And I feel it was, you already know, a pair nights later, we noticed a suggestion to us at pricing that was above our expectations.
So, we made the choice to just do that. And so, as a substitute of taking, you already know, a pair million tons to the plant, we took it to the market. So, like I stated, it isn’t that there isn’t any gas for the plant, it is simply gas restricted. So, it isn’t going to run loads of hours, we do see some alternatives to accumulate extra tons to convey to the plant, however these offers usually are not finalized. And so, we’ll assume they are not going to occur till they do.
John Moran
Yeah. I imply that call. [Multiple Speakers]
Brent Bilsland
All we needed to actually level out was historically we have been about $50 million of EBITDA. We are actually totally contracted for 2023 and on the costs we’re speaking about and the manufacturing value numbers that we’re anticipating, we expect that can generate $160 million of adjusted EBITDA, which we mainly had tripled our enterprise that can generate sufficient money movement to repay all of our debt, nearly right here within the subsequent, let’s simply name it 13 months.
John Moran
So, I feel the choice appear to be it make loads of sense. I used to be simply attempting to determine, for instance, if the plant will likely be working at 25% capability and also you make somewhat bit of cash or breakeven in that – I simply do not know what the Merom economics appear like from that standpoint as effectively. So, I – or are you able to say…
Brent Bilsland
We’ve not launched any of the economics on the Merom plant and we won’t do this earlier than closing. All I will inform you is, it is right. It is going to run at a really low capability issue. There’s elements of the years that can run greater than others, so it will get somewhat complicated as to why did it run more durable within the first quarter than it ran within the third quarter. However on the finish of the day, if we’re profitable to find extra gas for the plant, there’s upside to our projections, proper?
Energy costs are nonetheless fairly wholesome. Capability costs are extraordinarily wholesome. And so, for all these causes, we’re excited concerning the potential of this firm. And also you’re speaking about an organization that has a market cap of somewhat over $200 million and it may do $160 million of EBITDA. It is going to repay $131 million of financial institution debt in that timeframe. I feel that is punching above our weight.
John Moran
All proper. Thanks lots. I additionally needed to only complement the corporate and the administrators on the capital increase. I do not assume anyone like dilution, but it surely looks like it is somewhat over 10% and hit an honest worth in cheap phrases. So, anyway for what it is price. Thanks.
Brent Bilsland
Nicely, I admire that. Thanks, John.
Operator
Thanks, John. [Operator Instructions] Okay. We’ve got a query from [Robert Baker] [ph], a Personal Investor. Robert?
Unidentified Analyst
Yeah. Hello. Thanks for taking my questions. I used to be, effectively, my first one, I used to be curious concerning the 2.2 million tons priced at a 125 to 200, you already know any context you can provide round that so far as, is that, type of, extra the place the general market is presently pricing at? Was it a buyer who was extraordinarily brief? Simply attempting to lock in tons or something you’ll be able to present on that might be appreciated?
Brent Bilsland
Nicely, we truly transacted with 5 separate prospects. You realize, the market is backward dated, that means that, you already know, coal in 2022 is, you already know, extra precious than 2023, and coal in 2023 is extra precious in 2024. What we’re seeing usually is, I feel, utilities are pausing from shopping for somewhat bit, they are going to get into the RFP, exit for RFP right here in September, October, and see the place market costs are.
I feel we’re attempting to get a deal with on what railroad and transportation efficiency goes to be like within the third and fourth quarter. I imply, it is one factor to purchase tons. It is one other factor to really get them shipped. [CSX] [ph] has achieved a fairly respectable job with us up to now. I might say about 85% of every thing that we’ve got scheduled that has been shipped, however our strikes are usually somewhat easier than a few of the different individuals on the market attempting to go to export.
As gasoline, we mainly preserve seeing gasoline pricing, excessive priced gasoline retains extending out additional and additional. And as that occurs, we expect that alter energy worth is up additional and additional. So, it will push greater pricing out to curve is what we expect will occur. As lengthy – and once more, so long as there may be disruption out there, that means that we had a decent market, after which Russia’s and Ukraine’s, you already know, altercation, no matter you wish to name it, that has created monumental disruption to the market.
Once more, Russia is the third largest coal exporter on the earth. And now you’ve got received Europe mainly saying we cannot take these BPUs. The most important pure gasoline exporter on the earth. Europe’s saying, we cannot take these BTUs or not. Sure. However Europe is saying or Russia is saying, I do not know, as a result of these GPUs aren’t flowing and so, Europe is getting these from the USA.
We have seen a number of contracts for LNG to go away the USA and go to Europe and different international locations. There’s been simply an infinite quantity of exercise of latest contracts being signed is a 20-year time period contracts? In order that removes loads of gasoline from the USA, which then, type of gasoline is a competitor to coal.
So, we have gone via this era, which is the place our legacy contracts got here from with 5 years, six years, seven years of actually low cost gasoline. And now we have, type of entered into this atmosphere the place the value of gasoline has doubled or tripled relying what timeframe you are taking a look at. So, due to that, the market then appears to be like to get extra of its electrons from coal, and there actually hasn’t been a dramatic provide response from coal manufacturing because of no one’s placing in new minds.
It has been laborious to rent individuals. It has been laborious to get capital. All these causes has, type of stored a lid on, we have seen some provide response that hasn’t been dramatic and you are not going to see the U.S. coal manufacturing double. It simply is not going to occur. So, from that perspective, we’re excited concerning the future. We’re seeing pricing that we have fairly frankly by no means have seen earlier than. and promoting coal versus within the mid-30s versus promoting coal within the 130s.
It is a magical expertise. You do not have to [tell] [ph] very a lot of it, however there’s all kinds of pricing charts on the market to indicate the place it is all buying and selling at. Transportation is difficult, however it’s transferring. And so, we expect so long as gasoline and so long as there’s disruption out there, we will see pricing proceed to push out the curve.
Now, will it keep above $125 a ton? Your guess is pretty much as good as mine. Excessive costs are likely to safe excessive costs, however we do not see – we do not assume it is going again to 30s anytime quickly. So, for that matter, we expect that we’re seeing common costs now up round $50 to – our common worth strikes to $58 subsequent 12 months, we make nice margins with that.
We produce a hell of loads of money movement at that. And we simply see loads of alternative, notably with the addition of the plant. That is a really helpful factor to our firm and we’re wanting ahead to getting that transaction behind us.
Unidentified Analyst
Nice. Thanks. My subsequent query, you type of already began to reply once you talked about CSX doing about 85%, and there was within the Q3 2022 exercise, you already know, it did not point out the supply of all of the tons might be delayed by transport logistics. I used to be questioning if you happen to might elaborate on that somewhat bit the place sure, it is one rail line particularly or type of all of them or yeah, simply any extra element or elaboration on that?
Brent Bilsland
I feel that every one types of transportation are struggling, whether or not that CSX, NS, or truck, everyone’s working at their most. So, you already know, we promote the coal. We produce the coal, but it surely’s our buyer’s accountability to ship the freight to us. So, as soon as we load it, as soon as we load the transportation they supply, that is when title transfers and that is once we successfully have made a sale.
So, one of many issues we’ve got to be diligent on is to be sure that we’re working with our companions to CSX, primarily, and trucking corporations to be sure that our product is flowing to the shoppers, and what I am saying is, there’s been loads of press on the market of poor railroad efficiency. I’ve normally discovered that the railroads take a while to get wound up, however as soon as they get going, they carry out fairly effectively.
They’ve struggled with COVID, they’ve struggled with hiring individuals simply as we’ve got. We’ve got seen on our entrance it is gotten somewhat simpler to rent individuals right here, I might say, within the final two months. you already know, is {that a} cheap success that we’re skilled and others aren’t? I do not actually know, however from our standpoint, we have made beneficial properties there. So, anyhow, we be ok with transportation at this level. It’s one thing we’re keeping track of.
Unidentified Analyst
Okay. Thanks.
Larry Martin
And simply to be clear, once we stated all of our tons, we did not imply each single ton might get delayed. We met all of our contracts to any – to all of our prospects might have some delays. We did not imply a 100% delays.
Unidentified Analyst
No. No. Okay. Yeah. I did not – I wasn’t interpreted as a 100%. Simply stated, sure. You realize, supply of, effectively, I suppose I wasn’t certain if it was simply referring to 2.2 million tons or doubtlessly all tons might have, how would I wish to – yeah, I wasn’t fairly certain if it was particular to the [indiscernible]?
Larry Martin
Yeah. There’s a share of any ton we ship that might be delayed, however I imply, it isn’t – it is simply each buyer, as Brent stated, all transportation is having points now. So, any buyer we’ve got might have some carryover or delays this 12 months. They’re choosing it up and doing lots higher.
Unidentified Analyst
Okay. Alright. That is good. And one other query concerning labor wants. I feel it was, I hope I’ve the identify proper, Nick requested about it. And also you had talked about that you simply had been capable of rent a 190 [of] [ph] 200 staff, and I simply needed to make clear, was that 190 of 200 that you simply wanted to rent for Oaktown and separate from the hiring it’s a must to do for Prosperity and Freelandville?
Brent Bilsland
That is right. I feel we wish to add 210 at Oaktown. We have achieved about 190, 185 of that, one thing like that.
Larry Martin
So, simply to attempt to provide you with scale of, and we’re not fairly the place we have to be at Oaktown, however we’re getting rather more comfy with – on the hiring entrance. Now, you already know, we have had a lot greater turnover with new hires than we’ve got with historic staff. I feel we’re beginning to see some expertise individuals come again, folks that have left to attempt [indiscernible] firm, you attempt to work at a automotive producer or one thing like that. We’re beginning to see these.
So, you already know, a few of these individuals have discovered that, you already know, the grass is not higher on the on the opposite facet of the fence. So, they’ve come again, which is nice. These are folks that, you already know, know the drill and are very environment friendly after they present up. Right. We will likely be hiring some individuals related to the floor mines, each at Prosperity and that, however you bought to consider it this manner, I imply, so we’re winding down [Ace] [ph] because it mines out and we’re winding up Prosperity and Freelandville.
So, a few of these individuals will likely be moved from Ace and a few of these individuals will likely be new hires. We discovered it is a lot simpler to rent floor miners than undergrounders. So, we’ve not actually skilled any bother with that. The place we have struggled during the last 12 months has been to rent undergrounders and preserve them.
Unidentified Analyst
Okay. I perceive. Alright. After which final query, I used to be questioning, you talked about the opportunity of being internet debt free sooner or later in 2023, you already know, as that progresses all year long, what ideas of any, you already know, the board has concerning what to do with money movement as leverage comes down? And, I imply, when it comes to both dividends or buybacks or so forth or, you already know…?
Brent Bilsland
Yeah. I feel at this juncture, we have been elevating cash to be sure that we’ve got sufficient liquidity to get to our excessive priced contracts. We wish to get the Merom plant closure behind us, ensure that there isn’t any surprises there. And we’ll see the place the alternatives convey subsequent 12 months so far as the room for added funding on the plant or are there different plans that may be acquired or does it make sense to purchase in inventory? These are all issues that we’ll lay out what the alternatives are subsequent 12 months and handle these with our Board right now. However so far, we’re not within the mode of [buying stock] [ph].
Unidentified Analyst
Okay. Very nice. Yeah. Thanks for answering my questions. Respect it.
Brent Bilsland
Thanks.
Operator
Thanks, Mr. Baker. [Operator Instructions] Okay. That concludes our Q&A session for at present. I will hand the decision again to Brent for any concluding or extra remarks.
Brent Bilsland
Thanks everyone in your time and we stay up for executing on all of the issues we have laid out at present. So, thanks once more, and we’ll speak to you subsequent quarter.
Operator
That concludes the Hallador second quarter 2022 earnings name. Thanks all in your participation. Chances are you’ll now disconnect your traces.
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