Ramaco Resources Stock Earnings Reports

Ramaco Resources is undergoing a strategic transformation from a metallurgical coal producer into a vertically integrated U.S. producer of heavy magnetic rare earths and critical minerals (gallium, germanium, scandium) while maintaining its met coal operations. Key operational and corporate points: (1) Rare earths strategy: Brook Mine upsize to ~5 million tons (base), with optionality to further expand; company projects first-year commercial oxide production in 2028 and estimates (using the Fluor price deck) >$500M of EBITDA and an NPV >$5B at the 5M-ton base case. (2) Pilot and commercial processing: pilot oxide separation plant under construction (Zeton awarded EPC for pilot); pilot operations targeted in 2026 with a six-month initial run to de-risk flowsheet and validate product; Hatch and commercial labs engaged for PFS and metallurgical test work (PFS due April); commercial oxide facility engineering expected to start next spring with potential site work in late 2026/early 2027. (3) Strategic terminal/stockpile: Board approved creation of a Strategic Critical Minerals Terminal at Brook to provide fee-based storage/terminal services and downstream optionality. (4) Commercial/offtake positioning: active commercial discussions with potential offtakers; government/private interest heightened by recent Chinese export controls and a U.S. government scandium purchase price benchmark ($6.25M/ton). (5) Metallurgical coal business: Q3 production/sales trimmed modestly to avoid selling into loss-making spot markets; Q3 cash cost ~$97/ton (company claims first-quartile cost curve), September monthly costs improved to ~$86/ton; 2025 production/sales guidance modestly lowered (FY production 3.7–3.9M tons; sales 3.8–4.1M tons). (6) Financials/liquidity: record liquidity of $272M and net cash $77M at quarter end after a $200M equity raise; redeemed 2026 notes and issued $65M of 2030 notes. (7) Permitting & resource: Brook has substantial permitted acreage and ongoing drilling to increase confidence and grow resource; pilot-site permits and site work progressing; further permitting planned for expanded throughput. (8) Risks & execution: management emphasizes execution risk, need for offtake/contracts prior to commercial buildout, dependence on evolving REE pricing dynamics (Western pricing premium vs. China), and continued weak global met coal demand driven by Chinese steel exports.