SEC 8-K filings with transcript text
Nov 3, 2026
2 metc-ex99d1.htm
Exhibit 99.1
LEXINGTON, KY., November 3, 2026 -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, “Ramaco” or the “Company”) is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is exploring a coal, rare earth, and other critical minerals project in Wyoming. Today it reported financial results for the three and nine months ended September 30, 2026 (the “Results”).
●The Company had a quarterly net loss of $(18.2) million and Class A diluted EPS of $(0.32).
●The Company had quarterly Adjusted EBITDA of $3.0 million, defined as adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance, a non-GAAP measure (“Adjusted EBITDA”). See “Reconciliation of Non-GAAP Measures” below.
●The Company ended the third quarter with liquidity of $375 million, an increase of 38% year over year. The Company’s balance sheet remains among the strongest in its history.
●The Company has successfully signed 1.7 mm tons of domestic business at an average fixed price of $139 per ton for delivery in 2027. This represents a volume increase of almost one third from 2026. When combined with 1.1 million tons of 2027 export commitments, these 2.8 million tons in sales would account for a meaningful portion of our anticipated 2027 production. Per our standard practice, we will release initial 2027 guidance after our Board of Directors meeting in early December.
●Based on year-to-date 2026 cash costs of $100 per ton, financial results from these domestic sales alone would represent over $65 million of met coal segment Adjusted EBITDA in 2027.
●During the third quarter, the Company won a favorable $30 million jury verdict against Chubb Insurance related to the 2018 Elk Creek coal storage silo failure, including $27.5 million in net economic losses and $2.5 million in additional damages. The final award amount will depend on the outcome of any post-trial motions. The Company is also entitled to an award for its attorneys’ fees since this litigation commenced in 2018 in an amount that will be determined by the Court.
Rare Earths and Critical Minerals:
●Exceptional recovery results have been achieved through a series of carbochlorination tests completed at a third-party laboratory. Average recoveries were 97% for combined scandium (Sc) + gallium (Ga) + germanium (Ge), 92% for NdPr, 96% for yttrium (Y), and 97% for dysprosium (Dy) + terbium (Tb).
●The Company has received and is testing third-party e-waste samples for analytical and metallurgical evaluation. We are continuing to source additional e-waste samples to support the pre-feasibility study (“PFS”) being prepared by Hatch Consultants.
●Preparation of the PFS will commence in Q1 2027 when sufficient metallurgical results are available from bench scale testing. The PFS is currently anticipated to be completed in the second half of 2027.
●The Company expects to receive an SK-1300-compliant Technical Report Summary (“TRS”) for the Initial Assessment of the Brook Project in Q1 2027, which will be focused on geological matters.
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●In addition to previously disclosed MOUs for potential oxide and metal purchases, the Company remains in advanced discussions regarding both potential domestic and international offtake transactions and third-party project financing involving the public and private sectors for development and construction of the critical mineral refinery.
●The pilot plant’s building structure continues to be constructed in Wyoming, with completion of the building structure expected in early 2027. The interior pilot-scale processing module equipment and testing facilities are currently being engineered by Hatch, with detailed engineering and fabrication to be completed at the Zeton, Inc. facility in Ontario, Canada. Zeton has commenced front-end flowsheet design. We expect the pilot plant to be completed in the second half of 2027, subject to procurement and fabrication timelines for the modules.
Metallurgical Coal:
●As of September 30, sales commitments for 2026 totaled approximately 4.2 million tons, equal to more than 100% of 2026 production guidance at the midpoint of 3.6 million tons. Of this total, 1.3 million tons are committed to North American customers at an average realized fixed price of $137 per ton. An additional 2.1 million tons are committed to seaborne customers at an average fixed price of $110 per ton.
●In total, 3.4 million tons are committed at an average fixed price of $120 per ton. A further 0.8 million export tons are committed to seaborne customers at index-linked pricing and are not yet priced.
●U.S. low-vol and high
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