Workflow
Ramaco Resources(METCB)
icon
Search documents
RAMACO RESOURCES, INC. ANNOUNCES CLOSING OF UPSIZED $200 MILLION PUBLIC OFFERING
Prnewswire· 2025-08-07 18:04
Core Viewpoint - Ramaco Resources, Inc. successfully closed a public offering of Class A common stock, raising approximately $200 million to fund its development projects and strategic growth opportunities [1][3]. Group 1: Offering Details - The company sold 10,666,667 shares of Class A common stock at a price of $18.75 per share, resulting in gross proceeds of around $200 million before expenses [1]. - Yorktown Energy Partners, as selling stockholders, granted underwriters a 30-day option to purchase additional shares worth up to $30 million, which was fully exercised [2]. - The sale of additional shares is expected to be completed on August 8, 2025, with no proceeds going to the company from this sale [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to accelerate the development of the company's rare earth elements and critical minerals project, as well as for strategic growth opportunities and general corporate purposes [3]. Group 3: Company Overview - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on high-quality metallurgical coal and developing rare earth and critical minerals in Wyoming [6]. - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine in Wyoming, where a significant deposit of primary magnetic rare earths was discovered [6].
RAMACO RESOURCES, INC. ANNOUNCES PRICING OF UPSIZED $200 MILLION PUBLIC OFFERING
Prnewswire· 2025-08-06 02:06
Core Viewpoint - Ramaco Resources, Inc. has announced an upsized underwritten public offering of Class A common stock, aiming to raise approximately $200 million through the sale of 10,666,667 shares at a price of $18.75 per share [1][3]. Offering Details - The offering includes a 30-day option for underwriters to purchase an additional $30 million of Class A common stock at the public offering price [2]. - The offering is expected to close on August 7, 2025, pending customary closing conditions [3]. Use of Proceeds - The net proceeds from the offering will be utilized to accelerate the development of the company's rare earth elements and critical minerals project, pursue strategic growth opportunities, and for general corporate purposes [3]. Company Background - Ramaco Resources, Inc. operates in southern West Virginia and southwestern Virginia, focusing on high-quality, low-cost metallurgical coal and is developing coal, rare earth, and critical minerals in Wyoming [7]. - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine in Wyoming, where a significant deposit of primary magnetic rare earths was discovered [7].
RAMACO RESOURCES, INC. ANNOUNCES COMMENCEMENT OF PROPOSED $150 MILLION PUBLIC OFFERING OF CLASS A COMMON STOCK
Prnewswire· 2025-08-05 20:21
Core Viewpoint - Ramaco Resources, Inc. has initiated a $150 million underwritten public offering of its Class A common stock to fund the development of its rare earth elements and critical minerals project, along with other strategic growth opportunities and general corporate purposes [1][2]. Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase an additional $22.5 million of Class A common stock at the public offering price, less underwriting discounts [1]. - Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are the lead joint book-running managers for the offering [3]. - A shelf registration statement for the offered securities was filed with the SEC and became effective on August 5, 2025 [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to accelerate the development of the company's rare earth elements and critical minerals project, pursue strategic growth opportunities, and for general corporate purposes [2]. Group 3: Company Overview - Ramaco Resources operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [6]. - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production at a rare earth and coal mine near Sheridan, Wyoming [6]. - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine, and the company holds approximately 76 intellectual property patents and related agreements [6].
Ramaco Resources(METCB) - 2025 Q2 - Quarterly Report
2025-08-01 18:32
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from to Commission File Number: 001-38003 RAMACO RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 38-4018838 (State ...
Ramaco Resources(METCB) - 2025 Q2 - Quarterly Results
2025-07-31 21:18
[Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Ramaco reported a net loss of $14.0 million and Adjusted EBITDA of $9.0 million in Q2 2025, achieving record production despite market weakness and revising full-year guidance Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss | $(14.0) million | | Diluted EPS (Class A) | $(0.29) | | Adjusted EBITDA | $9.0 million | | Non-GAAP Cash Cost per Ton | $103 | - Achieved a quarterly production record for the second consecutive quarter, producing approximately **1.0 million tons**[6](index=6&type=chunk) - Full-year 2025 production and sales guidance is now anticipated to be at the low end of the ranges (**3.9–4.3 million tons** and **4.1–4.5 million tons**, respectively), reflecting the temporary idling of the Rockhouse Eagle mine[6](index=6&type=chunk) - Increased 2025 SG&A guidance from **$36 - $40 million** to **$39 - $43 million** to support the accelerated development of the Brook Mine rare earth operation[7](index=7&type=chunk) - As of June 30, 2025, total sales commitments for the year reached **3.9 million tons**, representing over **95%** of the midpoint of 2025 production guidance. This includes **2.9 million tons** at a combined average fixed price of **$133 per ton**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management discusses the strategic shift to a dual-platform model, balancing metallurgical coal challenges with accelerated rare earth development and government support [Rare Earths and Critical Minerals Business](index=2&type=section&id=Rare%20Earths%20and%20Critical%20Minerals%20Business) Ramaco is accelerating its Brook Mine rare earth project, with mining commencing and commercial production targeted for 2027, supported by a PEA showing a **$1.197 billion** NPV8 and **38%** IRR - The company is evolving into a dual-platform company, combining its metallurgical coal operations with the development of the Brook Mine rare earth project to support U.S. strategic supply chain goals[9](index=9&type=chunk)[11](index=11&type=chunk) Brook Mine Preliminary Economic Assessment (PEA) Summary | Metric | Value | | :--- | :--- | | NPV (8% discount rate, pre-tax) | $1.197 billion | | NPV (10% discount rate, pre-tax) | $898 million | | IRR (Internal Rate of Return) | 38% | | Initial Capital Cost Estimate | $473 million | - The commercial timeline for the rare earth operation has been accelerated, with initial commercial production now anticipated in **2027**, a year earlier than previously planned[11](index=11&type=chunk) - The deposit is described as "massive" with an estimated **1.7 million tons** of Total Rare Earth Oxide (TREO) from exploring only one-third of the site. It contains unique heavy REEs and critical minerals not currently produced in commercially feasible deposits in the U.S.[16](index=16&type=chunk) [Metallurgical Coal Business and Market Outlook](index=4&type=section&id=Metallurgical%20Coal%20Business%20and%20Market%20Outlook) The metallurgical coal business faces macroeconomic headwinds and weak pricing, leading to reduced guidance, but shows signs of potential recovery in H2 2025 with rebounding Chinese coking coal prices - The metallurgical coal industry has been negatively affected by macroeconomic headwinds and weak pricing in export spot markets, prompting the company to reduce guidance[18](index=18&type=chunk)[19](index=19&type=chunk) - Encouraging market signs have emerged, with Chinese domestic coking coal prices rebounding approximately **38%** in July 2025, suggesting a potential for a firmer pricing environment in the second half of the year[20](index=20&type=chunk) - Despite current market weakness, Ramaco remains operationally prepared to grow its production profile from **4 million tons** to approximately **7 million tons** once market clarity improves[23](index=23&type=chunk) [Corporate Strategy and Government Initiatives](index=4&type=section&id=Corporate%20Strategy%20and%20Government%20Initiatives) Ramaco's strategy focuses on becoming a dual critical minerals producer (coal and rare earths), supported by government initiatives like the 45X tax credit for metallurgical coal - The company is coordinating with the White House's National Energy Dominance Council, Dept. of Interior, Dept. of Defense, and National Security Council to fast-track the REE and critical minerals development[17](index=17&type=chunk) - Metallurgical coal has been declared a critical mineral, and the "One Big Beautiful Bill Act" adds it to the list of minerals eligible for the section 45X Advanced Manufacturing Tax Credit, which is expected to positively impact Adjusted EBITDA and Net Income from **2026**[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is rapidly transitioning into the only major U.S. operator of two forms of critical minerals—rare earths and metallurgical coal—with significant long-term growth prospects[29](index=29&type=chunk) [Financial and Operational Performance](index=5&type=section&id=Financial%20and%20Operational%20Performance) Ramaco achieved record Q2 2025 production of **999,000 tons** but faced lower pricing and reduced cash margins, while maintaining strong liquidity post-debt refinancing Key Financial and Operational Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Tons Sold (thousands) | 1,079 | 915 | +18% | | Revenue ($ millions) | $153.0 | $155.3 | -2% | | Net (Loss) Income ($ millions) | $(14.0) | $5.5 | -362% | | Adjusted EBITDA ($ millions) | $9.0 | $28.8 | -69% | | Non-GAAP Revenue ($/Ton) | $123 | $143 | -14% | | Non-GAAP Cash Cost ($/Ton) | $103 | $108 | -5% | | Non-GAAP Cash Margin ($/Ton) | $20 | $35 | -43% | [Q2 2025 Performance Analysis](index=5&type=section&id=Q2%202025%20Performance%20Analysis) Q2 2025 saw record production but reduced cash margins year-over-year due to lower pricing, and sequentially, higher cash costs impacted profitability - **Year-over-Year:** Quarterly production increased **11%** to a record **999,000 tons**. However, average pricing fell **14%** to **$123 per ton**, while cash costs decreased **5%** to **$103 per ton**, resulting in cash margins of **$20 per ton** (down from **$35**)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - **Sequential Quarter:** Production increased **1%** from Q1 2025. Realized pricing was up **1%** to **$123 per ton**. Cash costs increased **5%** to **$103 per ton**, causing cash margins to decrease to **$20 per ton** from **$24 per ton** in Q1[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, liquidity was **$87.3 million**, increasing to **$105 million** post-July debt refinancing, with Q2 capital expenditures at **$15.1 million** and expected to decline - As of June 30, 2025, liquidity was **$87.3 million** (**$28.1 million** cash + **$65.7 million** revolver availability), up **22%** YoY[41](index=41&type=chunk) - Post-quarter end, the company refinanced debt, increasing liquidity to roughly **$105 million** as of July 31, 2025[42](index=42&type=chunk) - Q2 2025 capital expenditures were **$15.1 million**, down **25%** sequentially and **29%** YoY. Capex is expected to decline in H2 2025[43](index=43&type=chunk) [2025 Outlook and Guidance](index=8&type=section&id=2025%20Outlook%20and%20Guidance) Ramaco updated its full-year 2025 guidance, projecting production and sales at the low end of ranges, with increased SG&A for rare earth development and significant sales commitments secured [Full-Year 2025 Guidance](index=8&type=section&id=Full-Year%202025%20Guidance) Full-year 2025 guidance anticipates production and sales at the low end of ranges, with cash costs between **$96** and **$102** per ton, and SG&A increased to **$39-$43 million** Full-Year 2025 Guidance | Metric | 2025 Guidance | 2024 Actual | | :--- | :--- | :--- | | Company Production (million tons) | 3.9 - 4.3 (f) | 3.671 | | Sales (million tons) | 4.1 - 4.5 (f) | 3.989 | | Cash Costs Per Ton Sold ($/Ton) | $96 - $102 | $105 | | Capital Expenditures ($ millions) | $55 - $65 | $68.842 | | SG&A Expense ($ millions) | $39 - $43 | $31.820 | | Effective Tax Rate (%) | 25 - 30 | 25 | (f) Low end of the range [Committed Sales Volume](index=9&type=section&id=Committed%20Sales%20Volume) As of June 30, 2025, Ramaco committed **3.9 million tons** for the year, including **2.9 million tons** at a fixed average price of **$133 per ton** Committed 2025 Sales Volume (as of June 30, 2025) | Customer/Pricing Type | Volume (million tons) | Average Price ($/ton) | | :--- | :--- | :--- | | North America, fixed priced | 1.6 | $152 | | Seaborne, fixed priced | 1.3 | $109 | | **Total, fixed priced** | **2.9** | **$133** | | Index priced | 1.0 | N/A | | **Total committed tons** | **3.9** | N/A | [Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q2 and H1 2025, including Statements of Operations, Balance Sheets, and Cash Flows [Statements of Operations](index=11&type=section&id=Statements%20of%20Operations) The Statements of Operations show a Q2 2025 net loss of **$14.0 million** and a H1 2025 net loss of **$23.4 million**, driven by lower revenues and higher costs Consolidated Statements of Operations Highlights (in thousands) | In thousands | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $152,959 | $155,315 | $287,615 | $327,991 | | Total costs and expenses | $166,803 | $149,900 | $313,481 | $319,302 | | Operating (loss) income | $(13,844) | $5,415 | $(25,866) | $8,689 | | Net (loss) income | $(13,974) | $5,541 | $(23,431) | $7,573 | | Diluted EPS - Class A | $(0.29) | $0.08 | $(0.48) | $0.08 | [Balance Sheets](index=12&type=section&id=Balance%20Sheets) The Balance Sheet shows total assets of **$674.6 million** as of June 30, 2025, with increased liabilities due to a **$25.0 million** revolver draw and decreased equity Consolidated Balance Sheets Highlights (in thousands) | In thousands | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,130 | $33,009 | | Total current assets | $154,910 | $167,634 | | Total Assets | $674,646 | $674,686 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $113,787 | $122,428 | | Long-term borrowing on revolving credit facility | $25,000 | $— | | Total liabilities | $327,207 | $311,880 | | Total stockholders' equity | $347,439 | $362,806 | | Total Liabilities and Stockholders' Equity | $674,646 | $674,686 | [Statement of Cash Flows](index=13&type=section&id=Statement%20of%20Cash%20Flows) For H1 2025, net cash from operating activities was **$21.8 million**, with **$36.4 million** used in investing and **$9.7 million** provided by financing, resulting in a **$4.9 million** net cash decrease Statement of Cash Flows Highlights (Six months ended June 30, in thousands) | In thousands | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $21,779 | $59,602 | | Net cash used for investing activities | $(36,355) | $(39,983) | | Net Provided by (used) for financing activities | $9,697 | $(34,010) | | Net change in cash and cash equivalents | $(4,879) | $(14,391) | | Cash and cash equivalents, end of period | $28,944 | $28,390 | [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures like Adjusted EBITDA, non-GAAP revenue per ton, and non-GAAP cash cost per ton to provide clearer operational insights [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was **$9.0 million**, a decrease from Q2 2024, reconciled from a net loss of **$14.0 million** by adjusting for non-cash and non-operating items Reconciliation of Net (Loss) Income to Adjusted EBITDA (in thousands) | In thousands | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net (loss) income | $(13,974) | $(9,457) | $5,541 | | Depreciation, depletion, and amortization | $17,038 | $17,542 | $15,879 | | Interest expense, net | $2,818 | $2,230 | $1,481 | | Income tax (benefit) expense | $(2,030) | $(4,290) | $915 | | Stock-based compensation & other | $5,153 | $3,763 | $4,983 | | **Adjusted EBITDA** | **$9,005** | **$9,788** | **$28,799** | [Non-GAAP Revenue and Cash Cost Per Ton](index=14&type=section&id=Non-GAAP%20Revenue%20and%20Cash%20Cost%20Per%20Ton) Q2 2025 non-GAAP revenue per ton was **$123** and cash cost per ton was **$103**, yielding a **$20** cash margin, derived by adjusting GAAP figures for mine-level profitability Non-GAAP Revenue Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Revenue (GAAP) ($ thousands) | $152,959 | | Less: Transportation ($ thousands) | $20,608 | | **Non-GAAP revenue (FOB mine) ($ thousands)** | **$132,351** | | Tons sold (thousands) | 1,079 | | **Non-GAAP revenue per ton sold ($/ton)** | **$123** | Non-GAAP Cash Cost Per Ton Reconciliation (Q2 2025, in thousands) | Metric | Value | | :--- | :--- | | Cost of sales (GAAP) ($ thousands) | $134,182 | | Less: Transportation costs ($ thousands) | $20,673 | | Less: Alternative mineral development costs ($ thousands) | $1,918 | | Less: Idle and other costs ($ thousands) | $686 | | **Non-GAAP cash cost of sales ($ thousands)** | **$110,905** | | Tons sold (thousands) | 1,079 | | **Non-GAAP cash cost per ton sold ($/ton)** | **$103**
Ramaco Releases Summary of Independent Preliminary Economic Assessment Report from Fluor Corporation
Prnewswire· 2025-07-10 21:00
Core Insights - Ramaco Resources, Inc. has released a summary of the independent Preliminary Economic Assessment (PEA) for its Brook Mine, prepared by Fluor Corporation, indicating the mine's commercial and technological feasibility [1][2] - The company is optimistic about the future, with a ribbon-cutting ceremony for the Brook Mine scheduled, marking a significant milestone for both Ramaco and the nation [2] Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also involved in coal, rare earth, and critical minerals production in Wyoming [3] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a coal mine and rare earth development in Wyoming [3] - In 2023, Ramaco discovered a major deposit of primary magnetic rare earths and critical minerals at its Wyoming mine, and operates a carbon research facility related to advanced carbon products from coal [3] Future Prospects - The results of the PEA suggest that the Brook Mine will contribute positively to the company's growth and operational capabilities, aligning with its strategic objectives in the coal and rare earth sectors [2][3]
Update on Independent Preliminary Economic Assessment Report from Fluor Corporation
Prnewswire· 2025-07-08 20:30
Core Insights - Ramaco Resources, Inc. will receive a Preliminary Economic Assessment (PEA) of its Brook Mine from Fluor Corporation on July 9, 2025, which will be presented to the Board of Directors [1] - Following the presentation, Ramaco expects to release a summary of the updated information on its website within the week [1] Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [2] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production at a coal mine and rare earth development near Sheridan, Wyoming [2] - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine [2] - Ramaco operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal, holding approximately 76 intellectual property patents and various licensing agreements [2]
Independent Preliminary Economic Assessment Report from Fluor Corporation Confirms Commercial and Technical Feasibility of Ramaco's Brook Mine Rare Earth Deposit
Prnewswire· 2025-07-01 12:00
Core Insights - The Fluor Corporation will deliver a full Preliminary Economic Assessment (PEA) of Ramaco Resources' Brook Mine by July 8, 2025, indicating a significant advancement in the project [1][2] - The Brook Mine is believed to contain the largest unconventional deposit of rare earth elements and critical minerals sourced from coal, which is commercially and technologically feasible [2][4] Economic Viability - The updated PEA confirms the viability of the Brook Mine project, validating Ramaco's development strategy and providing momentum for future phases [4] - The PEA outlines a net present value (NPV) of $1.197 billion at an 8% discount rate and $898 million at a 10% discount rate, with an internal rate of return (IRR) of 38% and an initial capital cost estimate of $473 million [8][15] Production and Revenue Projections - The project anticipates an adjusted EBITDA of $134 million by 2028, reaching $143 million by 2029, with annual revenue projected at $378 million [8][15] - The Brook Mine is expected to produce 1,242 short tons of rare earth oxides annually, including 456 tons of various critical minerals [11][12] Cost Structure - The total initial capital cost is estimated at $579 million, including a 22% contingency [9] - Annual steady-state costs are projected at $235 million, with mining costs at $27 million and processing costs at $195 million [12][15] Unique Geological Profile - The Brook Mine's geological profile allows for a more efficient extraction process with lower capital intensity compared to traditional hard rock mining, significantly reducing operational complexity and costs [5][6] Strategic Importance - The Brook Mine will be one of only two domestic sources of rare earth elements and the only source of heavy rare earth elements and critical minerals vital for the U.S. defense industry [18][19] - The mine is projected to support 3-5% of total U.S. permanent magnet demand and over 30% of the demand for U.S. defense applications [18] Development Timeline - Initial mining activities have commenced to procure ore for pilot-scale testing, with a pilot plant expected to be operational by mid-2026 [16]
Documents Available Regarding Ramaco's Brook Mine Rare Earth and Critical Minerals Project
Prnewswire· 2025-07-01 12:00
Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [1] - The company has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth development project near Sheridan, Wyoming, which is in the initial stages of production [1] - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine [1] Intellectual Property and Research - Ramaco Resources holds approximately 76 intellectual property patents, pending applications, exclusive licensing agreements, and various trademarks related to its operations [1] - The company operates a carbon research and pilot facility focused on producing advanced carbon products and materials from coal [1] Communication and Investor Relations - Additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, is available on its website [1] - Investor relations can be contacted via email or phone for further inquiries [2]
Ramaco Resources: High-Yield Dividend With Strategic Appeal
Seeking Alpha· 2025-06-27 21:43
Group 1 - Ramaco Resources, Inc. is a low-cost metallurgical coal producer with operations in Appalachia [1] - The company plans to expand into rare earth elements (REEs) and critical minerals through its Brook Mine in Wyoming [1] - Ramaco Resources is noted for its cost-efficiency in the metallurgical coal sector [1]