Ramaco Resources, Inc. (METC) SEC Filings & Earnings Calls

No material risk; routine dividend.

“Quarterly stock dividend; no cash outflow.”

Loss of board member with political and industry connections, but no operational impact expected.

“Resignation not due to disagreement; company maintains strong relationship.”

Potential overhang from distributed shares entering the market

“Distribution of ~1M shares by institutional shareholder”

Sustained operating losses

“Operating income (loss) (18,248) (13,844) (three months ended June 30, 2026 vs 2025)” · word for word

Cash burn from operations and buybacks

“Net cash from (used in) operating activities $(22,430) $21,779 (six months ended June 30, 2026 vs 2025)” · word for word

Rare earth project execution risk

“There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine” · word for word

Net loss and negative EPS indicate weak operational performance

“quarterly net loss of $(15.4) million and Class A diluted EPS of $(0.26)” · word for word

Rare earth project is early stage with significant capital requirements ($3.2B) and long timeline (2031)

“capital for construction of the project at $3.2 billion... initial production to be in 2031” · word for word

Project is at early conceptual stage; no financial metrics or production timeline provided.

“The Hatch Report is an initial assessment; no definitive economics or production schedule.”

Financing Constraint for Coal

“Certain banks, other financing sources and insurance companies have taken actions to limit available financing and insurance coverage for the development of new coal-fueled power plants and coal producers and utilities that derive a majority of their revenue from coal, and particularly from thermal coal.” · word for word

Customer Concentration Risk

“The failure to obtain additional customers or the loss of all or a portion of the revenues attributable to any customer as a result of competition, creditworthiness, inability to negotiate extensions or replacement of contracts or otherwise, could have a material adverse effect on our business, financial condition, results of operations, cash flows and abili” · word for word

Key person risk due to unexpected loss of General Counsel; potential short-term disruption in legal and governance functions.

“Unexpected passing of General Counsel E. Forrest Jones, Jr., who served since May 2025.”

No new risks identified; filing is administrative.

MOU is non-binding; no assurance of successful development.

“non-binding memorandum of understanding; Brook Mine remains an exploration stage property”

Metallurgical coal price and demand risk

“Revenue decreased 10% YoY and operating loss widened.”

Rare earth project execution risk

“There is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine” · word for word

Debt service risk

“Convertible Senior Notes due 2031 of $345M principal; fair value declined to $253.1M.”

Share Dilution from LTIP Amendment

“The Board approved an amendment to the Ramaco Resources, Inc. Long-Term Incentive Plan ("LTIP") to increase the number of shares of Class A common stock subject to the LTIP by an additional 4,000,000 shares.”

Significant Adjusted EBITDA Decline

“Adjusted EBITDA for 2025 is calculated as EBITDA of $13.8M, comprised of a net loss of ($51.4M)... Adjusted EBITDA for 2024 is calculated as EBITDA of $86.7M, comprised of net income of $11.2M... Adjusted EBITDA for 2023 is calculated as EBITDA of $167.8M, comprised of net income of $82.3M.” · word for word

Related Party Transactions

“During the year ended December 31, 2025, the Company paid $677,000 to the brother of Mr. Atkins in connection with these services. During the year ended December 31, 2025, the Company paid $116,000 for information technology and public affairs services to an entity owned by the son of Mr. Atkins.” · word for word

Insider selling by major shareholder

“From March 5, 2026 through March 27, 2026, Yorktown Equity Partners XI, L.P. sold 806,929 shares of Class A Common Stock of the Issuer in a series of open market sales.” · word for word

Insider selling by major shareholder

“From March 5, 2026 through March 27, 2026, Yorktown Equity Partners XI, L.P. sold 806,929 shares of Class A Common Stock of the Issuer in a series of open market sales.” · word for word

Execution risk of reorganization; no assurance of timing or benefits.

“There can be no assurance regarding the timing of the completion of the Reorganization, the specific form it will ultimately take, or whether it will achieve the anticipated benefits.” · word for word

Trade secret misappropriation lawsuit could lead to financial and operational disruption.

“Lawsuit filed against former employee for trade secret theft and breach of contract.”

No material financial risk; insider buying is generally positive but not a guarantee of performance.

Financing constraints from ESG policies

“Certain banks, other financing sources and insurance companies have taken actions to limit available financing and insurance coverage for the development of new coal-fueled power plants and coal producers” · word for word

High debt levels

“At December 31, 2025, we had $467.5 million of outstanding debts” · word for word

Metallurgical coal market weakness with declining indices impacting margins.

“lower priced metallurgical coal indices in 2025... challenging price declines and the weakness in the metallurgical coal markets.” · word for word

Transition to critical minerals carries execution risk; flowsheet redesign may not achieve projected benefits.

“Internal projections estimate that this flowsheet process will generate materially increased incremental revenue and free cash flow... but still at early stage.” · word for word

Securities class action lawsuit with potential for significant damages and reputational harm.

“putative class action complaint... alleging violations of Sections 10(b) and 20(a)... seeks determination of class action status... an award of compensatory damages against all defendants jointly and severally”

Increased debt could raise leverage; reliance on bank financing

“Facility increased from $200M to $500M; company has significant capital needs for coal and rare earth development.”

MOU is non-binding and subject to negotiation; no guarantee of final agreement or revenue.

“Non-binding memorandum of understanding whereby the Company will negotiate an agreement.” · word for word

Reliance on successful development of Brook Mine and pilot plant; delays could impact supply.

“With mining at the Brook Mine in Wyoming commencing earlier this year and construction of a pilot plant now underway, we will be positioned to deliver reliable feedstock.” · word for word

Share repurchase program is discretionary and may be suspended or discontinued, providing no guarantee of execution.

“The repurchase program does not obligate Ramaco to purchase stock, and may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time.” · word for word

Development risk for Brook Mine rare earth project

“no certainty that any part of the estimated mineral resources at Brook Mine will be converted into mineral reserves in the future” · word for word

Convertible notes create potential dilution; capped call mitigates but not fully.

“initial conversion rate is 30.5460 shares of Class A common stock per $1,000 principal amount of notes” · word for word

Closing subject to third-party consents and customary conditions.

“subject to customary closing conditions, including receipt of specified third-party consents” · word for word

Dilution risk from equity offering

“proposed offering of shares of Class A common stock”

Dependence on successful commercialization of rare earth deposit; regulatory and funding risks.

“Forward-looking statements caution about risks in developing rare earth mineral reserves and commercially viable mine.”

Metallurgical coal price volatility

“Net income and Adjusted EBITDA for the three and nine months ended September 30, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in metallurgical coal price indices.” · word for word

Rare earth project execution risk

“We have little to no demonstrated track record of commercial, operational or financial success outside of our core business, and given the uncertainties associated with rare earth elements and critical minerals and the mining thereof, we cannot assure you that this initiative will be successful.” · word for word

Material weakness in internal controls

“We previously identified a material weakness and concluded that our disclosure controls and procedures as of December 31, 2024, were not effective at the reasonable assurance level as a result of the material weakness in internal control over financial reporting” · word for word

SEC comment letter unresolved

“The Company received a comment letter, dated August 19, 2025, from the staff of the Division of Corporation Finance of the SEC... We have not received further communication from the Staff regarding these matters, and the comments therefore remain unresolved as of the date of this Quarterly Report.” · word for word

Metallurgical coal market downturn continues, impacting profitability.

“despite the downturn in both domestic and international metallurgical coal markets” · word for word

Rare earth development is capital-intensive and subject to execution risk.

“The Company has now also broken ground on the construction site of the Pilot Plant Oxide (“PPO”) facility... 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.” · word for word

Project is in early stages; requires permits, financing, and successful execution of off-take contracts.

“The Company intends to apply for the required permits to allow it to expand mining of the remaining acreage... This initiative will anchor Ramaco’s downstream capital expenditures and financing on off-take contracts” · word for word

Dependence on government support and national security narrative for strategic stockpile initiative.

“The SCMT is designed to position Ramaco to become the most comprehensive, vertically integrated upstream, midstream and downstream producer of critical minerals and rare earth elements... in the United States.” · word for word