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**Key Takeaways:**
- **Rare Earth Expansion**: Brook Mine to produce 3,400 tons of rare earths annually by 2028, with scandium pricing 67% higher than prior estimates.
- **Strategic Terminal**: National stockpile hub to generate fee-based revenue, reducing reliance on Chinese supply.
- **Financial Strength**: $272 million liquidity supports development, with met coal cash costs among U.S. lowest.
- **Scandium Opportunity**: U.S. government deal at $6.25 million/ton, 5x Chinese index, highlights Western premium for reliable supply.
- **Pilot Plant Progress**: Modular design for rapid deployment, with 6-month testing period to validate flow sheet.

**【CEO Summary Section】**
- Expanded Brook Mine production capacity to 5 million tons annually, targeting 3,400 tons of rare earth oxides and scandium production by 2028.
- Launched Strategic Critical Minerals Terminal to serve as a national stockpile hub, offering fee-based terminal services for rare earths and critical minerals.
- Highlighted scandium's strategic importance, with U.S. Department of War signing a $6.2 million/ton deal, 67% higher than previous estimates.
- Emphasized vertical integration across upstream (mining), midstream (processing), and downstream (terminal) to reduce reliance on Chinese supply chains.

**【CFO Financial Commentary】**
- Record liquidity of $272 million at quarter-end, up 237% year-over-year, supporting rare earth development.
- Met coal cash costs at $97/ton, among the lowest in the U.S., with Q3 EBITDA of $8.4 million.
- Rare earth project NPV of $5.1 billion (8% discount rate), IRR of 150%, and projected 2028 EBITDA of $500 million.
- Reduced met coal production guidance to 3.7-3.9 million tons due to weak pricing, focusing on value over volume.

**【Q&A Key Highlights】**
- **Brook Mine Differentiation**: Unique geological anomalies in PRB provide high-grade, non-radioactive rare earths co-mingled with coal, unlike other hard rock deposits.
- **Pilot Plant Timeline**: Zeton to deliver modular pilot plant in Q1 2026, with 3 tons/day processing capacity and 6-month initial operation period.
- **Customer Conversations**: Engaged with aerospace, defense, and automotive companies for scandium offtake; U.S. government scandium pricing set at $6.25 million/ton, 5x higher than Chinese indices.
- **Strategic Terminal Economics**: Low CapEx, fee-based model for third-party storage; Ramaco to leverage own production and third-party feedstock.
- **M&A Strategy**: Opportunistic acquisitions of low-cost, underutilized coal assets in U.S. and Canada.

Ramaco Resources, Inc. (METC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Operating Income

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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METC

METC fundamentals

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