LEXINGTON, Ky., Oct. 27, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is transitioning to become a developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and nine months ended September 30, 2025.

THIRD QUARTER 2025 HIGHLIGHTS

   -- The Company had a net loss of $(13.3) million and Class A diluted EPS of 
      $(0.25) for the third quarter of 2025. The Company had adjusted earnings 
      before interest, taxes, depreciation, amortization, certain non-operating 
      expenses, and equity-based compensation ("Adjusted EBITDA", a non-GAAP 
      measure), of $8.4 million, for the quarter ended September 30, 2025. (See 
      "Reconciliation of Non-GAAP Measures" below.) 
 
   -- Non-GAAP cash cost per ton sold was $97 in the third quarter of 2025, 
      which was a $6 per ton decline compared to the second quarter of 2025. 
      (See "Reconciliation of Non-GAAP Measures" below.) The Company's cash 
      costs continue to remain firmly in the first quartile of the U.S. cost 
      curve. As a result of the strong cost control, third quarter cash margins 
      per ton improved 15% versus the second quarter, despite a 6% decline in 
      U.S. metallurgical coal indices. 
 
   -- Ramaco's balance sheet now has its strongest historic level of liquidity, 
      despite the downturn in both domestic and international metallurgical 
      coal markets. The Company ended the third quarter with record liquidity 
      of $272 million, and a net cash position of more than $77 million. This 
      will allow Ramaco to accelerate its transition into a dual platform 
      critical minerals company as both a vertically integrated rare earths and 
      critical mineral as well as a metallurgical coal producer. 

MARKET COMMENTARY / OUTLOOK

Rare Earths and Critical Minerals:

   -- Ramaco continues its transition into a dual-platform company combining a 
      large-scale developing rare earths and critical minerals with an existing 
      first-quartile metallurgical coal operation. Both platforms will support 
      U.S. strategic supply chain goals in their respective areas. The Company 
      will operate this latter new platform under the name of Ramaco Rare 
      Earths, Inc.("RRE"). 
 
   -- Once fully developed, the Company expects RRE to be a leading national 
      vertically integrated critical mineral mine mouth platform with upstream, 
      midstream and downstream operations located at our Brook Mine in Wyoming. 
 
   -- Ramaco aims to be the largest upstream producer in the United States of 
      many of the individual rare earth and critical minerals that are expected 
      to be mined from its Brook Mine deposit. Ramaco also intends to be an 
      important midstream processor of rare earth and critical minerals oxide 
      at its future commercial processing facility of both its own ore as well 
      as possible third party ore. 
 
   -- Today, the Company announced that its Board of Directors had approved the 
      pursuit of a national public-private strategic critical mineral terminal 
      ("SCMT") to stockpile rare earth and critical mineral oxides which it 
      will produce at the Brook Mine. This will be developed in collaboration 
      with one of Ramaco's nationally recognized commodity structuring and 
      financial advisors and will anchor the Company's downstream operations. 
 
   -- The Brook Mine's heavy and medium magnetic rare earths are among the most 
      sought-after materials for defense, energy, and advanced manufacturing -- 
      sectors where the U.S. remains heavily import-dependent. 
 
   -- The Brook Mine is believed to possess large quantities of gallium, 
      germanium and scandium, which would make it one of the only primary 
      source mines in the world for these critical minerals which are used in 
      aerospace, optics and semiconductor production. 
 
   -- On September 18th, 2025, the Company announced a significant upsize in 
      the level of feedstock production at its Brook Mine. In a Letter to 
      Shareholders , Ramaco's Chairman and CEO Randall Atkins noted that 
      "Ramaco was requested by various arms of the Administration to consider 
      both the expansion and acceleration of the Brook Mine rare earth $(REE)$ 
      and critical mineral $(CM)$ project." 
 
   -- The base case annual production level of the Brook Mine is now 
      anticipated to be roughly 5 million tons of coal ore production. Once 
      this ore is processed and refined, the Company anticipates an increased 
      annual commercial production of approximately 3,400 tons per year of rare 
      earth and critical mineral oxides. This is roughly a 175% increase from 
      the previous level of 1,240 tons as referenced in the Summary of the 
      Fluor Corporation's Preliminary Economic Assessment (PEA). 
 
   -- The Company announced that its Board of Directors approved the 
      acceleration of the planning and engineering required for the 
      construction of the full Brook Mine Commercial Oxide Facility. The 
      Company has now also broken ground on the construction site of the Pilot 
      Plant Oxide ("PPO") facility at its Brook Mine in Sheridan, Wyoming. The 
      PPO facility should be completed in mid-2026 and then will operate to 
      optimize processing and engineering over a subsequent 6-month period 
      prior to the next stage which would be construction of the full 
      commercial oxide plant. 
 
   -- On a parallel basis, since Groundbreaking in July the Company has now 
      mined a sufficient level of coal ore containing rare earth elements and 
      critical minerals at the Brook Mine to supply feedstock for the PPO 
      operation at the rate of several tons of processing capacity per day for 
      the projected initial first year of operation. Mining will continue at 
      intervals either to supply additional feedstock for critical mineral 
      testing or for potential sale to utility customers. 
 
   -- Ramaco has retained Zeton, Inc., a leading pilot plant and fabrication 
      company, to design, factory test and optimize a prototype pilot plant at 
      their operation in Oakville, Ontario, Canada. This will be done while 
      construction of the PPO facility is underway in Wyoming, in order to 
      expedite and accelerate future processing operations. Once the PPO 
      facility is constructed in Wyoming, the Zeton prototype will be 
      disassembled and shipped to Wyoming for installation at the Brook Mine 
      site. Zeton's work will be done in conjunction with the Company's 
      advisors at Hatch, Inc. 
 
   -- The Prefeasibility Study by Hatch, Inc. remains on schedule to be 
      completed in early 2026. 
 
   -- The Company is actively engaged in on-going discussions with various 
      domestic and international third-party customers for the purchase and 
      sale of Ramaco's future rare earths and critical minerals oxide 
      production. 

Metallurgical Coal Sales and Marketing:

   -- As of September 30, 2025, sales commitments for 2025 currently total 3.9 
      million tons, which equates to 100% of the high end of the 2025 
      production guidance range. 1.6 million tons are committed to North 
      American customers at an average realized fixed price of $151 per ton. In 
      addition, 1.7 million export tons shipped in the first nine months of 
      2025 to seaborne customers at an average fixed price of $107 per ton. 
 
   -- In total, 3.3 million tons are committed at a combined average fixed 
      price of $128 per ton, while another 0.6 million index-priced export tons 
      are committed to seaborne customers. 
 
   -- The Company is currently in negotiations for the 2026 sale of 
      metallurgical coal to domestic and North American steel groups, and will 
      provide an update on such sales once this process is complete. 

Metallurgical Coal Guidance:

   -- In light of continued weak metallurgical coal market conditions, as 
      previously noted, the Company will continue to optimize overall 
      production and mine costs with on-going sales price realizations and 
      expectations. These measures are designed to enhance margins, be 
      accretive to earnings, and provide a net benefit to free cash flow. 
 
   -- As a result of the idling of the Company's Laurel Fork mine at its 
      Berwind Complex, full-year 2025 production is now anticipated to come in 
      at 3.7 -- 3.9 million tons vs. 3.9 million tons previously. Full-year 
      2025 sales are now anticipated to come in at 3.8 -- 4.1 million tons vs. 
      4.1 million tons previously. 
 
   -- The Company is generally maintaining the midpoint of all other guidance, 
      other than lowering depreciation depletion and amortization from $71 - 
      $76 million to $70 - $72 million, lowering the estimated tax rate by 5% 
      to 20-25%, and increasing idle expenses from $1 - $2 million to $2 - $2.5 
      million. 

MANAGEMENT COMMENTARY

Randall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "Given our recent announcements and general market interest related to our Brook Mine rare earth elements and critical minerals project, I am going to begin my comments on that operating area as well as our liquidity front.

Since the July groundbreaking of the Brook Mine, we have moved rapidly to build on this momentum. We continue the transition into becoming what we believe will be the nation's first dual platform critical minerals company, one which will be focused on both metallurgical coal and rare earth and critical minerals. We are proudly poised to provide strength to this nation's national security requirements for many years to come.

(MORE TO FOLLOW) Dow Jones Newswires

October 27, 2025 16:15 ET (20:15 GMT)