Ramaco Q2 net loss $14M, lowers 2025 guidance; rare earth commercial production accelerated to 2027

Ramaco Resources, Inc.

Q2 net loss $14.0M (Class A diluted EPS $(0.29)); Adjusted EBITDA $9.0M; cash costs $103/ton, down $5 YoY.
Full-year 2025 production/sales guidance narrowed to low end: production 3.9–4.3M tons, sales 4.1–4.5M tons; Q3 sales seen 900–950K tons.
Brook Mine rare earth mining commenced June 2025; pilot plant construction this fall; initial concentrates expected 2026; commercial production now 2027.
Fluor PEA summary shows NPV8 $1.197B, IRR 38%, initial capex $473M; ribbon cutting with U.S. Energy Secretary Chris Wright.
SG&A guidance raised to $39–43M for rare earth development; pro forma liquidity ~$105M after debt refinancing.

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