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Cleveland, Ohio, May 15, 2025 (GLOBE NEWSWIRE) -- Range Impact, Inc. (OTCQB: RNGE) (“Range Impact” or the “Company”), a public impact investing company dedicated to acquiring, reclaiming and repurposing mine sites in Appalachia, reports its results for the first quarter ended March 31, 2025.
Range Impact’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 was filed with the Securities and Exchange Commission on May 15, 2025 and is available for viewing at https://rangeimpact.com/investors/. Since the information provided in this press release is limited to selected financial and operational information, shareholders and interested parties are encouraged to read the Company’s full Form 10-Q available on its website.
Michael Cavanaugh, Range Impact’s CEO, states, “Our first quarter results include the Company’s first major mine complex acquisition, which marks a transformative moment for Range Impact and its shareholders.” Cavanaugh added, “Our team is focused on executing our unique reclamation and repurposing strategy at our new Fola mine, while concurrently evaluating a growing pipeline of additional mine acquisition opportunities in Appalachia to quickly gain meaningful scale and create shareholder value through acquisitive growth.”
Business and Financial Highlights of the First Quarter 2025
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| ○ | Acquired approximately 120,000 acres of real property interests associated with the Fola Mine Complex in West Virginia, and recorded additional land value of $51.6 million comprised of $8.5 million of appraised land value and $43.1 million of capitalized asset retirement costs |
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| ○ | Acquired 15 mining permits and assumed responsibility for an additional 21 mining permits at the Fola Mine Complex with an estimated asset retirement obligation of approximately $43.1 million |
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| ○ | Assumed two coal royalty agreements that provide monthly royalty payments that the Company plans to use to fund a portion of the expenses associated with the reclamation and repurposing of the Fola Mine Complex |
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| ○ | Acquired the landlord’s interest in a 1,500-acre solar lease with a large multi-national solar developer at the Fola Mine Complex that, if the solar project is constructed as proposed, would represent one of the largest solar projects in Appalachia |
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| ○ | Streamlined operations as the Company transitions to a variable-cost operating model to perform land reclamation and water restoration |
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| ○ | Increased stockholders’ equity from $834,405 to $6,538,522 as of March 31, 2025 primarily due to a bargain purchase gain of $5,602,484 associated with the Fola Mine Complex acquisition |
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About Range Impact, Inc.
Headquartered in Cleveland, Ohio, Range Impact is a public company (OTC: RNGE) dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating businesses focused on developing long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. Range Impact takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Range Impact seeks to thoughtfully allocate its capital into strategic opportunities that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.