**Ramaco Resources Reports Annual Financial Results, Focuses on Rare Earth Development**
Ramaco Resources, Inc., a dual-platform critical mineral company, reported total revenue of $536.6 million for the year ended December 31, 2025, a decrease of 19% compared to $666.3 million in 2024. The decline was attributed to softening global metallurgical coal markets and a decrease in metallurgical coal price indices. The company reported a net loss of $51.4 million, compared to a net income of $11.2 million in the previous year. Cost of sales decreased by 15% to $453.4 million, primarily due to the closure of the Jawbone mine and reduced trucking costs at the Maben Complex.
The company's strategic focus shifted towards the development of its Rare Earths and Critical Minerals segment, particularly the Brook Mine in Wyoming. Capital expenditures for this segment increased to $4.5 million in 2025, compared to $0.2 million in 2024, as the company initiated development activities. In July 2025, Fluor Corporation issued a Preliminary Economic Assessment (PEA) indicating the technical and economic viability of the Brook Mine. The company is also developing a carbon research facility contiguous to the Brook Mine, aimed at producing advanced carbon products and materials from coal.
Key operational developments included the commissioning of a preparation plant at the Maben Complex in early Q4 2024, which reduced trucking costs. The company also acquired the Russell County property in November 2025, contiguous with the Knox Creek complex, which is expected to significantly increase reserves and resources at Knox Creek. As of December 31, 2025, the company had 85 million reserve tons and 1,337 million measured and indicated resource tons of high-quality metallurgical coal. The company's workforce consisted of approximately 900 employees.
Looking ahead, Ramaco Resources plans to complete the development of its existing metallurgical coal properties and increase annual production to potentially more than seven million clean tons, subject to market conditions and permitting. The company also intends to advance its initiatives in rare earth elements, critical minerals, and advanced carbon products. The company anticipates capital expenditures of approximately $85-90 million in 2026, including roughly $40 million of growth capital related to its commercialization efforts in Wyoming and increased production at its low volatile metallurgical coal complexes.
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is a U.S.-based operator and developer of high-quality, low-cost metallurgical coal primarily in Appalachia. It focuses on producing and selling metallurgical coal for steelmaking, serving domestic and international markets. The company emphasizes advantaged geology, low production costs, and sustainable practices, while exploring rare earth elements and advanced carbon products to diversify growth opportunities within the global steel and industrial sectors.
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