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Highlights

  • Net loss for Q2 2025 was USD 14.0 million, or USD (0.29) per diluted share.
  • Average realized coal price fell to USD 123 per ton, down 14% from Q2 2024.
  • Brook Mine rare earths project estimated at USD 1.2 billion pre-tax NPV8 with 38% internal rate of return.

Ramaco Resources, Inc. (NASDAQ: METC) released its financial and operational results for the second quarter ended June 30, 2025, reporting a net loss of USD 14.0 million, or USD (0.29) per diluted share. This compares with a net income of USD 10.2 million, or USD 0.21 per diluted share, in the same quarter of 2024. The decline was attributed to lower metallurgical coal prices and a planned longwall move at its Elk Creek complex.

Total revenue for the quarter was USD 83.8 million, compared to USD 137.5 million in the second quarter of 2024. The average realized price per ton of metallurgical coal was USD 123, representing a 14% year-over-year decrease. Cash mine costs rose modestly to USD 88 per ton, up from USD 84 per ton a year earlier.

In parallel with its core coal operations, the company released an economic assessment for its Brook Mine rare earth element (REE) project in Wyoming. The preliminary economic analysis indicated a pre-tax net present value (NPV) of approximately USD 1.2 billion at an 8% discount rate and an internal rate of return (IRR) of 38%. The report was based on roughly 28% of the mineralized area and supports an 18-year mine life, with initial production targeted for 2026.

Ramaco reported USD 60.4 million in unrestricted cash and no bank debt as of June 30, 2025. The company also declared a regular quarterly cash dividend of USD 0.125 per share, payable in the third quarter.

While near-term earnings were impacted by operational and pricing headwinds, the company noted that coal production is expected to increase in the second half of the year. Management also emphasized the potential long-term value of its REE assets, which are being advanced alongside its metallurgical coal portfolio.