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].

Core Insights - Ramaco Resources is gaining media attention as its Chairman and CEO, Randall W. Atkins, is set to appear in interviews on Bloomberg Television and BBC News, highlighting the company's role in the U.S. critical mineral industry amid China's restrictions on rare earths [1][2]. Company Overview - Ramaco Resources, Inc. operates in southern West Virginia and southwestern Virginia, focusing on high-quality, low-cost metallurgical coal and developing coal, rare earth, and critical minerals 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]. Brook Mine Project - The Brook Mine project in Sheridan, Wyoming, is significant as it is the first new rare earth mine in the U.S. in over 70 years and the first new coal mine in Wyoming in more than 50 years [3]. - The mine has garnered international attention due to the discovery of high concentrations of medium and heavy rare earth elements and critical minerals within coal seams [3]. Leadership and Industry Position - Randall W. Atkins is positioned as a leading voice in American mining and critical mineral resource independence, having recently spoken at the IEA-IEF-OPEC Symposium in Paris [4]. - His address emphasized the transformative role of coal in modern energy markets and Ramaco's leadership in rare earth development and carbon technologies [4].

Core Insights - Ramaco Resources, Inc. is actively participating in the 7th IEA-IEF-OPEC Symposium on Gas and Coal Market Outlooks, emphasizing the importance of coal in the current energy landscape [1][6] - Randall W. Atkins, Chairman and CEO, will address the evolving role of coal, critical minerals, and artificial intelligence in energy markets [2][3] - The company is pioneering developments in coal and carbon products, as well as rare earth and critical minerals, which are crucial for future energy security [4][5] 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 [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 [7] - In 2023, Ramaco discovered a significant deposit of primary magnetic rare earths and critical minerals at its Wyoming mine, highlighting its role in energy security [7] Industry Context - The IEA-IEF-OPEC Symposium serves as a platform for experts and policymakers to discuss the future of gas and coal markets, reflecting a commitment to advancing dialogue on critical energy topics [6] - The event underscores the ongoing trilateral cooperation among the IEA, IEF, and OPEC, as mandated by G20 leaders, to address global energy challenges [1][6]

Core Insights - Ramaco Resources has appointed Martin van Wyk as Senior Vice President of Critical Minerals Processing, who will relocate from Australia to the U.S. to lead the development of the Brook Mine Project in Wyoming [1][5]. Group 1: Appointment and Expertise - Martin van Wyk brings over 23 years of global experience in mineral processing, hydrometallurgy, and rare earth elements (REEs) flowsheet development [1][2]. - His expertise includes a wide range of commodities such as iron ore, lithium, and uranium, with skills in geo-metallurgical analysis and process modeling [2][3]. Group 2: Contributions to Ramaco - Van Wyk has previously contributed to Ramaco's projects while working for an independent engineering firm, focusing on test work design and flowsheet optimization [3][4]. - His work has been integral to Ramaco's innovation program, particularly in developing process engineering solutions for rare earth and critical mineral separation [4]. Group 3: Company Overview - Ramaco Resources operates in high-quality metallurgical coal and is developing coal, rare earth, and critical minerals in Wyoming, with a significant discovery of primary magnetic rare earths announced in 2023 [7]. - The company holds approximately 76 intellectual property patents and is involved in advanced carbon product research related to coal [7].

Core Insights - Ramaco Resources, Inc. has appointed Mike Graney as an independent member of its Board of Directors effective September 15, 2025, bringing extensive experience in economic development and energy [1][4]. Company Overview - Ramaco Resources is a leading employer and metallurgical coal producer in West Virginia and Virginia, and a developer of rare earth and critical minerals in Wyoming [1][5]. - The company operates 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 [5]. Leadership Experience - Mike Graney has over 35 years of experience in entrepreneurship, business leadership, and executive roles, including serving as Executive Director of the West Virginia Department of Economic Development [2][3]. - His background includes managing large-scale operations and driving business growth, which aligns with Ramaco's mission [3][4]. Strategic Direction - Graney's appointment is expected to enhance Ramaco's strategic direction, particularly in investing in the metallurgical coal business and the Brook Mine rare earth and critical minerals project [4]. - The company has discovered a major deposit of primary magnetic rare earths and critical minerals at its mine near Sheridan, Wyoming, indicating potential for significant growth [5].

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].