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]