Core Insights - Ramaco Resources, Inc. has launched a comprehensive FAQ section on its website to address shareholder inquiries regarding the Brook Mine rare earths and critical minerals project, reflecting the company's commitment to transparency as project development accelerates [1][2]. Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, while also developing coal, rare earth, and critical minerals in Wyoming [3]. - 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, where a significant deposit of primary magnetic rare earths was discovered in 2023 [3]. - Ramaco holds approximately 76 intellectual property patents and related agreements, supporting its innovative approaches in resource development [3]. Project Development - The FAQ section was created in response to shareholder feedback, emphasizing the unique nature of the Brook Mine and the company's desire to keep stakeholders informed about progress and plans [2]. - The Brook Mine project has a history of collaboration with the U.S. Department of Energy's National Energy Technology Laboratory, which has contributed to the discovery of rare earth elements [5]. - The company is currently constructing a pilot processing facility in Wyoming and a pilot prototype in Canada, indicating active steps towards operational readiness [5]. Financial Position - Recent financial transactions have positioned the company with record liquidity, enabling it to execute its rare earth and critical mineral projects effectively [5]. - The commercial aspects of rare earth elements and critical minerals, including the production potential of natural scandium found at the Brook Mine, highlight the project's economic viability [5].

Core Points - Ramaco Resources, Inc. plans to offer $300 million in convertible senior notes due 2031, with an option for underwriters to purchase an additional $45 million for over-allotments [1][2] - Concurrently, Goldman Sachs and Morgan Stanley will facilitate a separate offering of Ramaco's Class A common stock to hedge transactions related to the notes offering [2][3] - The completion of both offerings is interdependent, meaning the notes offering is contingent on the successful completion of the concurrent stock offering [2][3] Company Overview - Ramaco Resources, Inc. operates and develops metallurgical coal in southern West Virginia and southwestern Virginia, and is also involved in producing coal, rare earth elements, and critical minerals in Wyoming [4] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [4]

Core Viewpoint - Ramaco Resources, Inc. plans to offer $300 million in convertible senior notes due 2031, with an option for underwriters to purchase an additional $45 million to cover over-allotments, subject to market conditions [1][2]. Group 1: Offering Details - The notes will be senior, unsecured obligations of Ramaco, accruing interest payable semi-annually starting May 1, 2026, and maturing on November 1, 2031 [2]. - Holders can convert the notes under certain conditions, with Ramaco having the option to settle conversions in cash, shares of Class A common stock, or a combination of both [3]. - The notes can be redeemed by Ramaco starting November 6, 2028, if the stock price exceeds 130% of the conversion price for a specified period [4]. Group 2: Repurchase and Use of Proceeds - In the event of a "fundamental change," noteholders may require Ramaco to repurchase their notes for cash at the principal amount plus accrued interest [5]. - Ramaco intends to use part of the net proceeds for capped call transactions and the remainder for developing rare earth elements and critical minerals projects, strategic growth opportunities, and general corporate purposes [6]. Group 3: Capped Call Transactions - Ramaco plans to enter into capped call transactions to reduce potential dilution of its Class A common stock upon conversion of the notes [7]. - The capped call transactions will be subject to anti-dilution adjustments and are expected to offset potential cash payments required upon conversion [7]. Group 4: Concurrent Delta Offering - Goldman Sachs and Morgan Stanley will conduct a concurrent delta offering of Ramaco's Class A common stock to facilitate hedging transactions for purchasers of the notes [11]. - The completion of the notes offering is contingent on the completion of the concurrent delta offering, and no new shares will be issued in this offering [11]. Group 5: Company Overview - Ramaco Resources, Inc. operates in metallurgical coal and is developing projects in rare earth elements and critical minerals, with offices in Kentucky, West Virginia, and Wyoming [14].

Core Insights - Ramaco Resources, Inc. has announced the establishment of a Strategic Critical Minerals Terminal (SCMT) at its Brook Mine facility in Wyoming, with Goldman Sachs acting as the exclusive structuring agent [1][4] - The SCMT aims to address supply chain risks and ensure access to strategic materials, positioning Ramaco as a leading producer of critical minerals and rare earth elements (REEs) in the U.S. [1][4] Company Overview - Ramaco Resources operates and develops high-quality, low-cost metallurgical coal and is expanding into coal, rare earth, and critical minerals production in Wyoming [5] - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5] SCMT Initiative - The SCMT will provide long-term stockpiling, storage, and inventory management solutions for critical minerals and REEs, including tolling and value-added services for third-party producers [2] - The terminal is designed to ensure safe and secure inventory management, making materials available to consumers at market prices [2] Strategic Location - The Brook Mine site is strategically located with direct access to the BNSF railroad and proximity to a major interstate highway, facilitating efficient transportation to defense contractors and industrial consumers [3] Commitment to National Security - The initiative supports the strengthening of America's critical minerals supply chain, national security, and innovation in the rare earths industry [4]

Core Insights - Ramaco Resources, Inc. has signed a significant Umbrella Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Energy's National Energy Technology Laboratory (NETL) to enhance research on rare earth elements and critical minerals [1][3][6] Company Developments - The CRADA aims to accelerate the discovery, mining, processing, and commercialization of rare earths and critical minerals at Ramaco's Brook Mine in Wyoming, which is believed to have the largest unconventional rare earth deposit in the U.S. [2][6] - The agreement will facilitate collaborative research projects focusing on advanced materials, carbon technologies, and coal derivatives, thereby strengthening U.S. competitiveness and supporting domestic manufacturing [3][4] Technological Integration - Ramaco and NETL will integrate advanced computing, artificial intelligence, and quantum technologies to enhance scientific workflows and expedite discoveries in rare earth and critical mineral development [4][6] - The initiative will leverage the expertise of the newly established Minerals to Materials Supply Chain Research Facility (METALLIC), which unites nine national laboratories to commercialize technologies in the rare earth sector [4][6] Research and Development Framework - The program is organized into four centers of expertise: Feedstock Beneficiation, Extraction and Separations, Refining, and Alloy Development and Advanced Manufacturing, each equipped for technology testing and validation [5][6] - The CRADA will remain effective for five years, allowing for multiple collaborative projects under its framework [6] Historical Context - NETL played a crucial role in the discovery of the rare earth deposit at Ramaco's Brook Mine in 2018 and has collaborated on various scientific and engineering projects since then [7][8]

Revenue Performance - The company sold 2.9 million tons of coal during the nine months ended September 30, 2025, generating $408.6 million in revenue, a decrease of approximately 18% compared to $495.4 million in the same period of 2024[135]. - Revenue for the three months ended September 30, 2025, was $121.0 million, approximately 28% lower than the same period in 2024, driven by a 15% decrease in tons sold[149]. - Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024[157]. - Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024[168]. Cost of Sales - The cost of coal sales for the three months ended September 30, 2025, was $101.8 million, approximately 24% lower than the same period in 2024, due to mine closures and reduced trucking costs[150]. - Cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025, a 12% decrease compared to $393.6 million for the same period in 2024[172]. - Non-GAAP cash cost of sales for the three months ended September 30, 2025, was $84,893,000, a decrease of 18.8% from $104,573,000 in 2024[194]. Profitability - The company reported a net loss of $36.7 million for the nine months ended September 30, 2025, compared to a net income of $7.3 million in the same period of 2024[147]. - The net loss for the three months ended September 30, 2025, was $13,308,000, compared to a net loss of $239,000 in 2024[192]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $27.2 million, significantly lower than $76.6 million in the same period of 2024, impacted by softening global metallurgical coal markets[148]. - Segment adjusted EBITDA for the nine months ended September 30, 2025 was $51.4 million, approximately 40% lower than the same period in 2024[173]. - Adjusted EBITDA for the three months ended September 30, 2025, was $8,367,000, a decline of 64.7% from $23,617,000 in the same period of 2024[192]. - Segment adjusted EBITDA for the three months ended September 30, 2025 was $15.9 million, approximately 41% lower than the same period in 2024[170]. Production and Sales Volume - The company produced 2.9 million tons during the first nine months of 2025, an increase from 2.7 million tons in the same period of 2024, with full-year production expected between 3.7 and 3.9 million tons[139]. - The company had outstanding performance obligations of approximately 0.6 million tons for contracts with fixed sales prices averaging $164 per ton, and 1.2 million tons for contracts with index-based pricing mechanisms[136]. Capital Expenditures and Investments - Capital expenditures for the metallurgical coal segment in the first nine months of 2025 were $45.9 million, a decrease from $55.8 million in the same period of 2024[138]. - Capital expenditures for the nine months ended September 30, 2025, were $52.1 million, including investments in the preparation plant and Maben complex expansion[182]. - The company raised gross proceeds of $200 million through a public offering to fund the development of its rare earth elements and critical minerals platform at the Brook Mine[142]. - The company received a $6.1 million matching grant from the Wyoming Energy Authority for the Brook Mine project, which is expected to enhance the development of rare earth elements and critical minerals[140]. Cash Flow and Financial Position - Cash flows provided by operating activities were $20.3 million during the nine months ended September 30, 2025[179]. - As of September 30, 2025, the company had $193.8 million of cash and cash equivalents[178]. - Cash inflows from financing activities amounted to $196.6 million, primarily driven by a Class A common stock equity issuance of $189.0 million[182]. - The company entered into an amended credit facility with a maturity date of May 3, 2029, providing an initial aggregate revolving commitment of $200 million[177]. Tax and Regulatory Information - The effective tax rate for the nine months ended September 30, 2025 was 22.2%, down from 28.0% in the same period of 2024[163]. - The company filed an automatic shelf registration statement on August 5, 2025, to sell various securities, effective upon filing[185]. - Market risk disclosures are included in Item 7A of the Annual Report[196]. Other Financial Metrics - Total royalties for the three months ended September 30, 2025, were $3,454,000, a decrease of 15.4% compared to $4,083,000 for the same period in 2024[181]. - Infrastructure fees for the three months ended September 30, 2025, totaled $6,194,000, slightly down from $6,240,000 in 2024, reflecting a decrease of 0.7%[181]. - Non-GAAP revenue per ton sold (FOB mine) for the three months ended September 30, 2025, was $120, down from $136 in 2024, reflecting a decrease of 11.8%[193].

Financial Performance - The Company reported a net loss of $(13.3) million and Class A diluted EPS of $(0.25) for Q3 2025, with Adjusted EBITDA of $8.4 million[5]. - Revenue for Q3 2025 was $121 million, down 21% from Q2 2025 and 28% from Q3 2024[36]. - The company recognized a net loss of $13.3 million in Q3 2025, an improvement of 5% from Q2 2025 but a significant decline from a net income of $7.3 million in Q3 2024[36]. - Adjusted EBITDA for Q3 2025 was $8.4 million, a 7% decrease from Q2 2025 and a 65% decline from Q3 2024[36]. - Revenue for the three months ended September 30, 2025, was $120,996,000, a decrease of 28% compared to $167,411,000 for the same period in 2024[60]. - Net loss for the nine months ended September 30, 2025, was $36,741,000, compared to a net income of $7,334,000 for the same period in 2024[64]. Production and Sales - Sales commitments for 2025 total 3.9 million tons, equating to 100% of the midpoint of the production guidance range, with an average realized fixed price of $151 per ton for North American customers[7]. - Full-year 2025 production is now anticipated at 3.7 – 3.9 million tons, down from the previous estimate of 3.9 million tons, with sales expected to be 3.8 – 4.1 million tons[16]. - The company reported a total of 873,000 tons sold in Q3 2025, a decrease of 19% from Q2 2025 and a 15% decline from Q3 2024[36]. - The average revenue per ton in Q3 2025 was $120, down 2% from Q2 2025 and 12% from Q3 2024[49]. - Total tons sold in Q3 2025 were 873, compared to 1,079 in Q2 2025 and 1,023 in Q3 2024[69]. Costs and Margins - Non-GAAP cash cost per ton sold was $97, a $6 decline from Q2 2025, with cash margins per ton improving by 15% despite a 6% decline in U.S. metallurgical coal indices[5]. - Cash costs for Q3 2025 were $97 per ton, a 6% decrease from Q2 2025 and a 5% decrease from Q3 2024[36]. - Non-GAAP cash margins on tons sold improved to $23 in Q3 2025 from $20 in Q2 2025 but decreased from $34 in Q3 2024[69]. - The company reported a total cost of sales of $101,842,000 in Q3 2025, down from $132,264,000 in Q2 2025 and $133,368,000 in Q3 2024[69]. Liquidity and Capital Expenditures - Record liquidity of $272 million and a net cash position of over $77 million were achieved by the end of Q3 2025, enabling the transition into a dual-platform critical minerals company[5]. - The company maintained liquidity of $272.4 million as of September 30, 2025, representing a 237% increase compared to the same period in 2024[45]. - Capital expenditures for Q3 2025 totaled $16.6 million, compared to $15.1 million in Q2 2025 and $17.8 million in Q3 2024[47]. Strategic Initiatives - The Brook Mine's annual production level is now anticipated to be approximately 5 million tons of coal ore, with an expected increase in rare earth and critical mineral oxides production to 3,400 tons per year, a 175% increase from the previous level[7]. - The Strategic Critical Minerals Terminal (SCMT) will be developed to stockpile rare earth and critical mineral oxides, anchoring the Company's downstream operations[25]. - The Prefeasibility Study by Hatch, Inc. is on schedule for completion in early 2026, supporting the development of the Brook Mine's processing capabilities[7]. - The company is actively engaging with federal and state officials to enlarge the existing approved Brook Mine permit to accommodate increased feedstock production[13]. - The company is focusing on the rapid commercialization of rare earth elements and critical minerals while keeping growth capital minimal in the metallurgical coal business[34]. Risks and Challenges - The company anticipates challenges in ramping up production at its complexes in accordance with growth initiatives due to various external factors[57]. - The exploration targets at the Brook Mine are based on preliminary economic analysis and are subject to revision with additional data[58]. - The company does not guarantee the conversion of inferred mineral resources into mineral reserves, highlighting the uncertainty in its new initiatives[58]. - The company has made significant investments in developing rare earth capabilities at the Brook Mine, which is a new initiative with heightened risks and uncertainties[58]. Interest and Other Financial Metrics - The company incurred interest expense of $2,250,000 in Q3 2025, down from $2,818,000 in Q2 2025 and up from $1,696,000 in Q3 2024[67]. - Adjusted EBITDA is used as a supplemental non-GAAP financial measure to evaluate operating performance more effectively[65]. - The company expects to continue monitoring changes in coal prices and costs, emphasizing the importance of non-GAAP measures for financial performance assessment[68].

Core Insights - Ramaco Resources, Inc. has announced the establishment of a national strategic stockpile of rare earth elements and critical minerals at its Brook Mine facility in Wyoming, known as the Strategic Critical Minerals Terminal (SCMT) [1][2][3] Company Initiatives - The SCMT aims to position Ramaco as a vertically integrated producer of critical minerals and rare earth elements in the U.S. [2] - The stockpile will address both private and public needs for secure access to essential materials, leveraging Ramaco's resources and third-party expertise [3][4] - The initiative is expected to provide long-term solutions for extraction, processing, and inventory management, thereby mitigating supply chain risks [3][4] Strategic Advantages - The Brook Mine site offers strategic advantages due to its location and infrastructure, including direct connectivity to the BNSF railroad and proximity to a major interstate highway [5] - This connectivity is anticipated to facilitate efficient transportation and distribution to a wide range of customers, including defense contractors [5] Production Goals - Ramaco plans to increase its annual commercial rare earth and critical mineral oxide production from approximately 1,240 tons to 3,400 tons, representing a 174% increase [10] - The Brook Mine is believed to contain significant quantities of heavy and light rare earth elements, essential for various advanced applications [9][11] Resource Estimates - The latest Technical Report Summary estimates 1.4 million tons of Total Rare Earth Oxide (TREO) at the permitted acreage, with potential for expansion as further exploration occurs [11] - The Brook Mine is recognized as one of the world's primary sources for scandium, gallium, and germanium, which are critical for advanced technologies [9][11] Future Development - Ramaco is committed to strengthening the U.S. critical minerals supply chain and supporting national security through this initiative [11][12] - The company is also expanding its land holdings in Wyoming for future development and mineral storage potential [8]

Core Insights - Ramaco Resources has initiated mobilization and site development for a new pilot processing plant and laboratory in Wyoming, aimed at establishing a U.S.-based supply chain for rare earth elements and critical minerals [1][2][4] Group 1: Facility Development - The pilot facility will demonstrate the feasibility of converting domestic carbonaceous ore into high-purity individual rare earth oxides, crucial for U.S. magnet production and advanced technologies [2] - A $6.1 million matching grant from the Wyoming Energy Authority's Energy Matching Fund has been secured to support the pilot facility's development, part of a state initiative for energy innovation [3] - The facility will focus on processing rare earths and critical materials recently restricted from export by China, highlighting the importance of domestic production [4] Group 2: Strategic Importance - The Brook Mine deposit is geologically unique and enriched with rare earths, making it a promising source for rare earths in the U.S. [4] - The company aims to build a secure domestic supply of rare earths and critical minerals to maintain U.S. competitiveness in future technologies [5] Group 3: Company Background - Ramaco Resources operates in metallurgical coal and is developing rare earth and critical minerals in Wyoming, with four active coal mining complexes in Central Appalachia [7] - The company has discovered a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming [7]

Core Insights - Ramaco Resources, Inc. has been officially approved as a member of the Defense Industrial Base Consortium (DIBC), which aligns with its mission to support U.S. national security through the development of domestic critical mineral resources [1][3]. Group 1: Membership Benefits - As a DIBC member, Ramaco gains access to a network of defense contractors, research institutions, and federal agencies, allowing participation in federally funded research and production opportunities in critical areas such as rare earth elements and energy storage technologies [2]. - The DIBC aims to strengthen the U.S. defense industrial base by fostering collaboration among government, industry, and academia, focusing on building a resilient supply chain that minimizes reliance on foreign sources [3]. Group 2: Company Commitment - Ramaco's participation in the DIBC highlights its commitment to enhancing U.S. energy independence and supporting defense readiness while developing innovative solutions for future challenges [4]. - The company operates in southern West Virginia and southwestern Virginia, focusing on metallurgical coal and developing rare earth and critical minerals in Wyoming, with a significant discovery of primary magnetic rare earths at its Wyoming mine [5].