Ramaco Resources is an Appalachian metallurgical coal producer developing a second business in rare earth elements and critical minerals. Met coal is the core revenue-generating business today: Ramaco mines high-quality coal across four complexes in southern West Virginia and southwestern Virginia, producing roughly 3.8 million clean tons per year, with a stated goal of reaching 7 million tons as market conditions improve. Ramaco sells to North American steel mills and coke plants under annual fixed-price contracts (37% of revenue) and to international customers in Europe, South America, Asia, and Africa under shorter-term or index-linked contracts (63% of revenue). Ramaco's key competitive advantage in met coal is its low cost of production, which it claims is in the first quartile of U.S. producers, driven by geologically favorable reserves, relatively new mines, and on-site infrastructure. In the current weak pricing environment — driven by Chinese steel overcapacity suppressing global met coal demand — Ramaco has deliberately curtailed production rather than sell into oversupplied markets. The second business, still pre-revenue, centers on the Brook Mine near Sheridan, Wyoming, which hosts an unconventional deposit of rare earths and critical minerals — including scandium, gallium, germanium, dysprosium, and terbium — embedded in coal seams. China has banned exports of several of these materials to the U.S., and Ramaco is positioning itself as a domestic primary-source producer. Ramaco broke ground on the Brook Mine in mid-2025 and is building a pilot processing plant, with commercial oxide production targeted for 2028.