Ramaco Resources (METC) Company Report

Ramaco Resources' Chairman and CEO, Randall W. Atkins, will be featured on Fox Business' Varney & Co. on Monday, December 1, 2025, at 9:40 am EST.
The interview will focus on an update of Ramaco's Brook Mine project in Sheridan, Wyoming.
The Brook Mine is significant as the first new rare earth mine to be developed in the United United States in over 70 years and the first new coal mine in Wyoming in more than half a century.
A major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine in 2023.

4 days ago

Press Release

Ramaco Resources: Goldman Sachs Initiates Sell Rating with $16 Price Target

METC

New Projects/Investments

Demand Weakening

Guidance Update

Goldman Sachs has initiated coverage of Ramaco Resources with a Sell rating and a $16 price target.
Concerns for Ramaco include the low-grade nature of its rare earth deposit at the Brook Mine project in Wyoming, which is expected to result in higher production costs and capital requirements.
There is also uncertain market demand for scandium, which is projected to account for approximately 60% of Ramaco's rare earth revenue.
Goldman Sachs plans to reassess its Sell rating after gaining more clarity on Ramaco's offtake agreements, the results of its prefeasibility study, and the performance of its pilot processing facility.

Nov 19, 2025, 9:54 AM

CNBC

Ramaco Resources, Inc. Prices $300 Million Convertible Senior Notes Offering

METC

Debt Issuance

New Projects/Investments

Ramaco Resources, Inc. priced its public offering of $300,000,000 aggregate principal amount of 0% convertible senior notes due 2031. The underwriters' over-allotment option for an additional $45,000,000 principal amount of notes was exercised in full on November 5, 2025.
The estimated net proceeds from the offering are approximately $334.7 million after deducting underwriting discounts and estimated offering expenses, considering the full exercise of the over-allotment option.
Ramaco intends to use approximately $32.8 million of the net proceeds to fund capped call transactions, with the balance allocated to developing its rare earth elements and critical minerals project, strategic growth opportunities, and general corporate purposes.
The notes have an initial conversion rate of 30.5460 shares of Class A common stock per $1,000 principal amount, representing an initial conversion price of approximately $32.74 per share. This is a premium of approximately 35% over the $24.25 public offering price per share in the concurrent delta offering.
The issuance and sale of the notes, along with a concurrent delta offering of borrowed Class A common stock to facilitate hedging transactions, are scheduled to settle on November 7, 2025. Ramaco will not receive any proceeds from the concurrent delta offering.

Nov 7, 2025, 10:16 PM

8-K

Ramaco Resources outlines strategic shift, production targets, and capital raise

METC

New Projects/Investments

Dividends

Debt Issuance

Ramaco Resources, Inc. is transitioning into a dual platform critical minerals company, focusing on metallurgical coal and rare earth elements, following the discovery of a major rare earth elements deposit at its Brook Mine near Sheridan, Wyoming.
The company plans to upsize Brook Mine coal production to approximately five million tons per year and rare earth element oxide production to over 3,400 tons per year, with a pilot processing facility expected to begin operations in mid-2026.
To support its growth plans, the company raised approximately $200 million from an offering of Class A common stock in early August 2025.
The Class A stock dividend was suspended at the July 2025 Board meeting, while a Class B common stock dividend of $0.1918 per share was declared on August 22, 2025, and paid on September 19, 2025.
As of September 30, 2025, the company was in a net cash position.

Nov 4, 2025, 10:15 PM

8-K

Ramaco Resources Collaborates with Goldman Sachs on Critical Minerals Terminal Initiative

METC

New Projects/Investments

Ramaco Resources announced that Goldman Sachs & Co. LLC will serve as the exclusive structuring agent for its initiative to establish a Strategic Critical Minerals Terminal (SCMT) at its Brook Mine facility in Wyoming.
The SCMT initiative, approved by Ramaco's Board on October 27, 2025, aims to position Ramaco as a comprehensive, vertically integrated upstream producer of critical minerals and rare earth elements (REEs) in the United States.
The terminal will provide long-term strategic stockpiling, storage, and inventory management for critical minerals and rare earths, and offer tolling and value-added services for third-party producers.
The Brook Mine site's strategic location, with direct BNSF railroad connectivity and proximity to a major interstate highway, is expected to facilitate efficient transportation of materials.

Oct 31, 2025, 12:00 PM

Press Release

Ramaco Resources and DOE's NETL Sign Strategic Agreement on Rare Earths and Critical Minerals

METC

New Projects/Investments

Ramaco Resources (METC) has signed a five-year Umbrella Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Energy's (DOE) National Energy Technology Laboratory (NETL).
The CRADA focuses on rare earth element (REE) and critical mineral exploration, processing, and commercialization strategies at Ramaco's Brook Mine in Sheridan, Wyoming, which is believed to contain the largest unconventional rare earth deposit in the United States.
This agreement aims to accelerate the development and commercialization of technologies to strengthen U.S. competitiveness and domestic manufacturing of critical minerals, leveraging DOE's national laboratory system.
Ramaco also holds approximately 76 intellectual property patents and pending applications related to developing high-value carbon products from coal.

Oct 30, 2025, 9:15 PM

Press Release

Ramaco Resources Reports Q3 2025 Results and Advances Critical Minerals Platform

METC

Earnings

Guidance Update

New Projects/Investments

Ramaco Resources reported a Q3 2025 net loss of $13 million and adjusted EBITDA of $8.4 million, with a Class A EPS loss of $0.25. The company ended the quarter with record liquidity of $272 million and a net cash position of $77 million, boosted by a $200 million common stock placement in August.
The company is rapidly advancing its rare earth and critical minerals platform, projecting over $500 million of EBITDA by 2028 and a projected NPV of more than $5 billion from the Brook Mine expansion. A pilot plant is under construction, with initial operations expected in 2026, and commercial oxide facility construction planned for late 2026 or early 2027.
Metallurgical coal operations in Q3 2025 recorded cash costs of $97 per ton, with 945,000 tons produced and 900,000 tons sold. Due to weak market conditions, full-year 2025 production guidance was reduced to 3.7 to 3.9 million tons and sales guidance to 3.8 to 4.1 million tons.
The rare earth market is experiencing a bifurcation between Chinese and Western pricing, with recent scandium offtake deals showing Western prices significantly higher than previous estimates. The metallurgical coal market remains challenged by Chinese steel exports and declining spot prices, leading the company to prioritize value over volume.

Oct 28, 2025, 1:00 PM

Transcript

Ramaco Resources Reports Q3 2025 Financials and Major Rare Earths Project Expansion

METC

Earnings

Guidance Update

New Projects/Investments

Ramaco Resources reported record liquidity of $272 million and a net cash position of $77 million at the end of Q3 2025, following a $200 million common stock placement. For Q3 2025, the company recorded an adjusted EBITDA of $8.4 million, a net loss of $13 million, and a Class A EPS loss of $0.25. Full-year 2025 metallurgical coal production guidance was adjusted to 3.7 million-3.9 million tons and sales guidance to 3.8 million-4.1 million tons.
The company announced a 2.5x increase in the base size of the Brook Mine to approximately 5 million tons, targeting more than 3,400 tons per year of annual oxide production, with commercial production estimated to begin in 2028. This rare earth platform is projected to generate more than $500 million of EBITDA and have an NPV exceeding $5 billion.
Ramaco is establishing a Strategic Critical Minerals Terminal at the Brook Mine and highlighted a significant decoupling of Western rare earth prices from Chinese prices. The U.S. Department of War recently signed an offtake for scandium at $6.2 million a ton, which is 2/3 higher than previous estimates.

Oct 28, 2025, 1:00 PM

Transcript

Ramaco Resources Reports Q3 2025 Results and Advances Critical Minerals Strategy

METC

Earnings

Guidance Update

New Projects/Investments

Ramaco Resources achieved a record liquidity of $272 million and a net cash position of $77 million at the end of Q3 2025, supported by a $200 million common stock placement in August.
For Q3 2025, the company reported an adjusted EBITDA of $8.4 million, a net loss of $13 million, and a Class A EPS loss of $0.25.
The company is significantly progressing its rare earth and critical minerals platform, with the Brook Mine's base size increased to 5 million tons of annual coal production, estimated to generate over $500 million of EBITDA from the rare earth platform in 2028.
Full-year 2025 metallurgical coal production guidance was adjusted to 3.7 to 3.9 million tons and sales guidance to 3.8 to 4.1 million tons, reflecting a strategy to prioritize value over volume in a challenging market.
Ramaco Resources is establishing the U.S.'s first Strategic Critical Minerals Terminal at the Brook Mine and highlighted a scandium price of $6.25 million per ton from a recent U.S. government deal, which is significantly higher than previous estimates.

Oct 28, 2025, 1:00 PM

Transcript

Ramaco Reports Q3 2025 Results and Provides Updates on Brook Mine Expansion

METC

Earnings

Guidance Update

New Projects/Investments

Ramaco reported a Net Income of $(13,308) thousand and Adjusted EBITDA of $8,367 thousand for Q3 2025.
The company provided full-year 2025 guidance, including company production of 3,700-3,900 thousand tons, sales of 3,800-4,100 thousand tons, and cash costs per ton of $98-100.
Ramaco's Brook Mine, which opened in July 2025, is projected to reach a steady-state annual production of approximately 3,414 tons of rare earths and critical minerals, with an estimated $1,038 million revenue and $552 million EBITDA at steady state.
The Brook Mine is considered the world's sole primary mine source for gallium, germanium, and scandium, with an estimated $5.1 billion NPV (8% discount rate) and a 3-year payback period.

Oct 28, 2025, 1:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Ramaco Resources.

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