Forbes and Manhattan Coal Corp. announced that Ryan Bennett, a senior partner of Resource Capital Funds, FMC's largest shareholder, has stepped down from the Forbes & Manhattan Coal board of directors and will be replaced by his colleague Thomas Quinn Roussel. Mr. Roussel is a Principal of Resource Capital Funds. Mr. Roussel has also worked as an engineer in both the mining and the oil & gas industries and currently serves on the board of an Australian resource company, Finders Resources.

Forbes and Manhattan Coal Corp. reported fourth quarter production at its Magdalena bituminous and Aviemore anthracite mines. Total run of mine production (ROM) for the fourth quarter of 2013 was 363,000 tonnes, a 48% increase over the 246,000 tonnes produced in the third quarter of 2013 and a 20% increase over the fourth quarter of 2012. Total saleable production for the fourth quarter of 2013 was 213,000 tonnes (excluding bought in tonnes), a 40% increase from the previous quarter of 152,000 tonnes and an 8% increase over the fourth quarter of 2012. February 2013 monthly production achieved a record ROM tonnage of 151,000 tonnes, a significant achievement over the 117,000 tonne monthly average of the last 12 months. Aviemore ROM production was 85,000 tonnes, a 39% increase over third quarter 2013 production of 61,000 tonnes. Aviemore saleable production was 57,000 tonnes, a 43% increase over third quarter 2013 production of 40,000 tonnes. Magdalena ROM production was 278,000 tonnes, a 51% increase over third quarter 2013 production of 184,000 tonnes. Magdalena saleable production was 156,000 tonnes, a 39% increase over third quarter 2013 production of 112,000 tonnes. In addition, Forbes Coal bought in 17,000 tonnes resulting in 230,000 total saleable tonnes for the fourth quarter 2013 and a 30% increase over the third quarter 2013.

Forbes and Manhattan Coal Corp. reported consolidated earnings results for the third quarter and nine months ended November 30, 2012. For the quarter, on consolidated basis the company reported revenue of CAD 10.8 million against CAD 31.2 million a year ago. LBITDA was CAD 1.4 million against EBITDA of CAD 9.0 million a year ago. Capital expenditures were CAD 1.77 million against CAD 13.49 million a year ago. Net loss for the period was CAD 4.972 million against net income of CAD 3.523 million a year ago. For the nine months, on consolidated basis the company reported revenue of CAD 55.0 million against CAD 86.0 million a year ago. EBITDA was CAD 5.1 million against CAD 24.4 million a year ago. Capital expenditures were CAD 5.64 million against CAD 17.45 million a year ago. Net loss for the period was CAD 6.788 million against net income of CAD 1.097 million a year ago. For the quarter, the company's total run of mine (ROM) production from all operations was 246,000 tonnes, a 40% decrease compared to 415,000 tonnes produced in second quarter of 2013. Magdalena ROM production was 184,000 tonnes, a 35% decrease over second quarter of 2013 production of 284,000 tonnes. Aviemore run of mine production was 62,000 tonnes, a 53% decrease over second quarter of 2013 of 131,000 tonnes. Total saleable production was 152,000 tonnes, a 41% decrease from the previous quarter. Magdalena saleable production was 112,000 tonnes, a 37% decrease over second quarter 2013 production of 177,000 tonnes. Aviemore saleable production was 40,000 tonnes, a 49% decrease over second quarter 2013 production of 79,000 tonnes. For the nine months, the company's run of mine (ROM) production was 1,047,628,000 tonnes compared to 987,770 tonnes a year ago. Saleable production was 653,201 tonnes against 672,483 tonnes a year ago.