Ramaco Resources Reports Q2 2025 Loss, Accelerates Brook Mine Project Timeline to 2027

Ramaco Resources reported a Q2 2025 net loss of $14 million and negative EPS of $0.29, with record quarterly production of 1.0 million tons and an Adjusted EBITDA of $9.0 million. The company adjusted its 2025 production guidance to 3.9-4.3 million tons and increased SG&A expenditure to $39-43 million to accelerate the Brook Mine project. The Brook Mine has a positive PEA with a pre-tax NPV8 of $1.197 billion and a 38% IRR, with commercial production expedited to 2027.

Ramaco Resources, Inc. (NASDAQ: METC, METCB), a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming, reported its financial results for the second quarter of 2025. The company posted a net loss of $14.0 million and a Class A diluted EPS of $(0.29). The adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (Adjusted EBITDA) for the quarter ended June 30, 2025, were $9.0 million. The non-GAAP cash cost per ton sold was $103 in the second quarter of 2025, which was a $5 per ton decline compared to the same period in 2024. The company set a quarterly production record, with 1.0 million tons produced in the second quarter of 2025.

Ramaco Resources also adjusted its 2025 production guidance to a range of 3.9 to 4.3 million tons and increased its 2025 SG&A (selling, general, and administrative) expenditure guidance to $39 to $43 million. This adjustment reflects the company's efforts to optimize overall production and sales, given continued weak market conditions, and to accelerate the timeline of commercial development of the Brook Mine rare earth and critical minerals operation in Wyoming.

The company's rare earths and critical minerals development, represented by the Brook Mine, is a significant strategic move. The Brook Mine's heavy and medium rare earths are among the most sought-after materials for defense, energy, and advanced manufacturing sectors. The company has received a 5-year mining permit renewal from the Wyoming Department of Environmental Quality and has commenced mining operations. The project is expected to commence commercial production in 2027, as outlined in the Summary of the Fluor Corporation's Preliminary Economic Assessment (PEA) [1].

The PEA outlines a pre-tax NPV8 (net present value using an 8% discount rate) of $1.197 billion and an NPV10 (net present value using a 10% discount rate) of $898 million, with an internal rate of return (IRR) of 38%. The total initial capital cost estimate, excluding a 22% capital expenditure contingency, is $473 million. The company hosted a landmark ribbon cutting and groundbreaking ceremony for the Brook Mine in July 2025, featuring remarks from national and state leaders.

Ramaco Resources has a proven track record of developing and building grassroots businesses from inception. The company has grown to develop four coal complexes in the East and its Brook Mine rare earth and critical minerals and coal complex in Wyoming. Ramaco Resources currently produces approximately 4 million tons of metallurgical coal annually, with the ability to grow this by an additional 3 million tons organically.

References:
[1] https://www.prnewswire.com/news-releases/ramaco-resources-reports-second-quarter-2025-results-302519169.html