Ramaco Resources Reports Mixed 2025 Results, Accelerates Critical Minerals Push — Ramaco Resources, Inc.

Event summary

Ramaco Resources reported a net loss of $51.4 million for 2025, with Adjusted EBITDA of $36.1 million.
Fourth-quarter cash margins improved to $24 per ton, despite a 17% decline in U.S. high-vol metallurgical coal indices.
The company announced a proprietary carbochlorination process for rare earth and critical minerals, expecting higher revenue and lower costs.
2026 guidance projects sales volumes between 4.1 and 4.5 million tons, with cash costs per ton ranging from $95 to $100.
Record liquidity of $521 million as of December 31, 2025, up 275% year-over-year.

The big picture

Ramaco Resources is navigating a challenging metallurgical coal market while positioning itself as a dual-platform critical minerals company. The company's technological breakthrough in rare earth processing could significantly enhance its revenue streams, but its success hinges on sustained cost discipline and a rebound in coal prices. With record liquidity and strategic investments, Ramaco is poised to capitalize on both its core coal business and emerging critical minerals sector.

What we're watching

Technological Breakthrough: The success of Ramaco's proprietary carbochlorination process will determine the viability of its rare earth and critical minerals business.
Market Recovery: The pace at which metallurgical coal prices rebound will impact Ramaco's profitability and growth prospects.
Execution Risk: The company's ability to accelerate low-vol growth projects and maintain cost discipline will be critical in 2026.