Ramaco Resources, Inc. Class A (METC)

Several events impacted Ramaco Resources' stock price in the past six months. The company held the grand opening of its Brook Mine in Wyoming on July 11, 2025. In September 2025, Ramaco announced an upsize in the base annual production level for coal ore at the Brook Mine to approximately 5 million tons to support its critical minerals strategy. In October 2025, Ramaco signed a major research and development partnership with the U.S. Department of Energy's National Energy Technology Laboratory (NETL) for rare earth and critical mineral development. The Q3 2025 earnings call summary on October 28, 2025, reported a net loss of $13 million and adjusted EBITDA of $8.4 million, leading to a 7.95% drop in stock price in premarket trading, and the company also reduced its production guidance for 2025 to 3.7-3.9 million tons. In November 2025, Jefferies analyst Christopher LaFemina downgraded Ramaco Resources from "Buy" to "Hold" and reduced the price target from $45 to $33, citing concerns regarding the rare earth elements at the Brook Mine. News of a U.S.-China trade pact in November 2025 also caused Ramaco's stock to decline by 7.8%. An investing watchdog group published a report in November 2025 that called Ramaco's Brook Mine a "fraud," a claim the company disputes. In December 2025, Ramaco Resources announced a substantial increase in its revolving credit facility and an extension of its term. Also in December 2025, the company announced a $100 million stock repurchase plan. A non-binding Memorandum of Understanding (MOU) was entered into with Mulberry Industries in December 2025, aiming to strengthen the domestic rare earth and permanent magnet supply chain. Most recently, on January 13, 2026, Randall W. Atkins, Chairman and CEO of Ramaco Resources, was appointed to the National Coal Council.

The demand for Ramaco Resources' primary product, metallurgical coal, is intrinsically linked to the global steel industry. The industry is subject to market volatility and economic cycles that influence steel production and, consequently, the demand for metallurgical coal. The company's business model aims for high cash margins even amidst fluctuating coal prices, indicating an awareness of market variability.

Ramaco Resources, Inc. (METC) is a metallurgical coal company operating in southern West Virginia and southwestern Virginia, focusing on high-quality, low-cost metallurgical coal. The company is transitioning into a dual-platform entity by developing a rare earth elements (REEs) and critical minerals deposit at its Brook Mine in Wyoming. Its major products include various grades of metallurgical coal and rare earth elements and critical minerals, including scandium oxide, and is involved in the potential commercialization of coal-to-carbon-based products like carbon nanosheets (graphene).

Ramaco Resources' mining operations are concentrated in Central Appalachia, specifically in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. It operates several active metallurgical coal mining complexes, including Elk Creek, Berwind, Knox Creek, and Maben. Its rare earth and critical minerals development is centered around the permitted Brook Mine near Sheridan, Wyoming. Ramaco Resources markets its metallurgical coal to coke and steel producers in North America, Europe, and Asia, exporting to over 20 countries. The company's executive offices are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia, and Sheridan, Wyoming.

Ramaco Resources has maintained a positive reputation for its operational excellence and strategic diversification. The company is regularly recognized with national safety and environmental awards. Its strategic pivot towards becoming a domestic supplier of critical minerals and rare earth elements, particularly through the Brook Mine project, has been highlighted as a move to strengthen U.S. supply chains and diversify revenue. The partnership with the U.S. Department of Energy's National Energy Technology Laboratory (NETL) and the acquisition of a patent for coal-to-products technology (carbon nanosheets/graphene) further underscore its innovative efforts. However, the company's reputation faced scrutiny in November 2025 when its Brook Mine rare earth claims drew "fierce scrutiny from geologists and short-sellers," with an investing watchdog group labeling the project as a "fraud," which Ramaco Resources has publicly disputed.

As of Q2 2025, institutional investors held approximately 63.69% of Ramaco Resources' shares, with some reports indicating institutional ownership as high as 77.50%. Key institutional shareholders include Yorktown Energy Partners XI, L.P., Discovery Capital Management, Llc / Ct, BlackRock, Inc., Vanguard Group Inc, State Street Corp, Renaissance Technologies Llc, Susquehanna International Group, Llp, Cooper Creek Partners Management Llc, Yorktown Energy Partners IX, L.P., and Yorktown Energy Partners X, L.P. Insider ownership, including Chairman and CEO Randall W. Atkins, accounted for approximately 8.47% as of June 2025, with Atkins personally holding about 5.09% of the company's shares as of May 2025.