Ramaco Resources, Inc.

Thesis

Ramaco Resources is a low-cost metallurgical-coal producer whose critical-minerals story is the Brook Mine in Wyoming — an unconventional rare-earth and critical-minerals deposit that independent technical work suggests could be among the largest in the United States. Met coal funds operations, a dividend, and the early work to define and commercialize the rare-earth resource.

The appeal is domestic rare-earth supply at a time when the US is racing to build magnet-material capacity outside China; the catch is that the resource is early-stage and unproven at commercial scale, with processing economics and permitting still to demonstrate. Met-coal price cyclicality drives the base business while the rare-earth optionality matures.

Catalysts

• Brook Mine rare-earth resource definition and economics
• US government support for domestic critical-minerals supply
• Metallurgical-coal pricing and shipments
• Processing / offtake partnerships for rare earths