Ramaco Resources, Inc. (NASDAQ: METC)

Ramaco Resources, Inc. is a dual platform critical mineral company that operates as both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming. The company’s metallurgical coal portfolio includes the Elk Creek, Berwind, Knox Creek, and Maben properties, which together provide access to extensive reserve and resource bases. Ramaco Resources, Inc. also operates the Brook Mine in Wyoming, where it is advancing the development of rare earth elements and critical minerals alongside a carbon research facility focused on advanced carbon products from coal.

The company generates revenue primarily through the production and sale of metallurgical coal to domestic and international customers, including North American blast furnace steel mills and coke plants, as well as export markets in Europe, South America, Asia, and Africa. Revenue is derived from both long-term contracts and spot sales, with pricing often fixed for domestic agreements and index-based for export transactions. In 2025, Ramaco Resources, Inc. sold 3.8 million tons of coal and recognized $536.6 million in revenue, with 37% from North American markets and 63% from export markets.

The company operates through the following segments: Metallurgical Coal and Rare Earths and Critical Minerals.

• Metallurgical Coal: This segment encompasses the development and operation of metallurgical coal mines across the Elk Creek, Berwind, Knox Creek, and Maben complexes in West Virginia and Virginia. The segment produces high-volatile A/B, mid-volatile, and low-volatile metallurgical coals, with processing plants and rail load-out facilities at each complex. It includes the preparation plant at Elk Creek, which was expanded in 2022 and 2023 to increase capacity to approximately three million tons per year, and the preparation plant at Maben, commissioned in 2024 to reduce trucking costs.

• Rare Earths and Critical Minerals: This segment focuses on the exploration, development, and potential commercial production of rare earth elements and critical minerals from the Brook Mine property in northeastern Wyoming. The Brook Mine contains both light and heavy rare earth elements, including neodymium, praseodymium, dysprosium, terbium, yttrium, gadolinium, and samarium, as well as critical minerals such as gallium, germanium, and scandium. The segment is supported by a carbon research facility that investigates the production of advanced carbon products and materials from coal, with ongoing third-party testing and analysis to assess commercial viability.

Ramaco Resources, Inc. holds a competitive position in the U. S. metallurgical coal industry due to its advantageous geology, including thick coal seams and low effective mining ratios, which contribute to industry-leading lower cash costs. The company competes with major domestic producers such as Alpha Metallurgical Resources, Inc., Arch Resources, Inc., Peabody Energy Corporation, and Warrior Met Coal, Inc., as well as international exporters from Australia and Canada. Its strategic focus on low-cost production and reserve quality allows it to maintain cost advantages despite facing larger competitors with greater financial resources.

The company serves a diverse customer base that includes North American integrated steel mills and coke plants, as well as international buyers in Europe, South America, Asia, and Africa. It also supplies limited quantities to specialty markets such as foundry cokemakers, activated carbon product manufacturers, and specialty metals producers. In 2025, sales to three customers accounted for approximately 34% of total revenue, with no single customer exceeding 10% of revenue.