Ramaco Resources, Inc.

Ramaco Resources, Inc. is a U.S.-based mining company organized around two reportable segments: metallurgical coal and rare earths and critical minerals. Its core operations are concentrated in southern West Virginia and southwestern Virginia for coal, with a developing critical minerals project near Sheridan, Wyoming, through its Brook Mine property.

2,3 %

15,5 %

−9,6 %

−19,5 %

5.46

4.66

— Ramaco Resources, Inc.
%
Metallurgical Coal100% High-quality metallurgical coal mined and sold to steelmaking and coke customers.
Rare Earths and Critical Minerals0% Brook Mine development work aimed at producing rare earth elements and critical minerals.
Advanced Carbon Products0% Research and intellectual property related to coal-derived carbon materials.

Ramaco sells metallurgical coal primarily to North American integrated steel mills and coke plants, with additional...

  • North American integrated steel millsprimary

    Buy metallurgical coal for blast furnace steelmaking and coke production.

  • Coke plantsprimary

    Purchase coal blends used to produce coke for steel furnaces.

  • International metallurgical coal customerssecondary

    Buy export coal in Europe, South America, Asia, and Africa based on pricing and quality.

  • Specialty carbon and metals marketsemerging

    Buy limited volumes for foundry cokemaking, activated carbon, and specialty metals uses.

  • Future rare earth and critical mineral customersemerging

    Potential buyers of processed rare earth elements and critical minerals from Brook Mine.

Ramaco’s coal operations are centered in southern West Virginia and southwestern Virginia, with corporate offices in...

  • •Coal mining is concentrated in West Virginia and Virginia
  • •Corporate office is in Lexington, Kentucky
  • •Operational offices are in Charleston, West Virginia and Sheridan, Wyoming
  • •Revenue is split between North American and export markets
  • •Export sales reach Europe, South America, Asia, and Africa

Ramaco is developing a dual-platform model that combines metallurgical coal production with a longer-dated critical...

01
Maintain low-cost metallurgical coal operationsshort-term

Coal remains the main cash-generating business and funds development efforts.

02
Advance Brook Mine critical minerals developmentmedium-term

This creates a second growth platform beyond coal and targets strategic U.S. supply chains.

03
Build downstream processing and terminal capabilitiesmedium-term

Downstream infrastructure can improve control over product flow and market access.

04
Protect and monetize intellectual propertylong-term

Patents and licenses may support advanced carbon products and future commercialization.

Ramaco’s results are exposed to metallurgical coal price cycles, steel demand, and customer concentration, since most...

high

Metallurgical coal price volatility

Coal revenue depends on market pricing, which can move sharply with global steel conditions.

Scope
Metallurgical coal segment
Materiality
high
high

Customer concentration

A small number of customers account for a meaningful share of revenue, increasing bargaining and volume risk.

Scope
Coal sales
Materiality
high
high

Steel industry demand weakness

The customer base is highly dependent on steel production and blast furnace activity.

Scope
North American and export coal markets
Materiality
high
high

Rare earth and critical mineral commercialization risk

The Brook Mine and processing approach are still being developed and have no revenue yet.

Scope
Brook Mine project
Materiality
high
medium

China supply-chain dominance

China controls much of global rare earth production and downstream processing capacity.

Scope
Critical minerals segment
Materiality
medium
Revenue recognition on coal sales
Affects quarterly revenue and comparability across fixed-price and index-based contracts
Asset retirement obligations
Can materially affect liabilities and future cash outflows
Workers’ compensation and occupational disease liabilities
Affects accrued liabilities and expense recognition
Capitalized development spending
Influences asset balances and future depreciation/amortization

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: 29/04/2026