Ramaco Resources, Inc.

Low-cost met-coal producer with a strong balance sheet but a loss year and early-stage rare-earth optionality.

Strengths

• Strong liquidity (cash $440M 75th pct, current ratio 5.5) cushions the cycle
• Brook Mine REE/critical-minerals development adds longer-term optionality

Risks

• Loss year: ROE -10.6% (34th pct), ROA -4.5% on softer met-coal pricing and volumes
• Binary, capital-intensive REE buildout and tracking-stock complexity

Notable findings

• Customer concentration~63% of revenue from one customer/distributor — Of this amount, 37% of our revenue was from sales into North American markets, including Canada, and 63% of our revenue was from sales into export markets
• Strong balance sheetStrong balance sheet — $440M cash & investments