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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

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