On this page of StockholderLetter.com we present the latest annual shareholder letter from Ramaco Resources, Inc. — ticker symbol METC. Reading current and past METC letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
Ramaco electrician Jeff Hood attends a White House ceremony on April 8, 2025. A technician sorts through core samples at Ramaco s Brook Mine rare earth element development.
Dear fellow shareholders, 2024 was a landmark year for Ramaco Resources, in which our core metallurgical coal business and emerging rare earth element business both considerably developed. Despite a challenging market environment, Ramaco exited 2024 firmly in the first quartile of the U.S. metallurgical coal cost curve, and with the highest cash margins among its Central Appalachian peer group. In 2024, we added roughly 500,000 tons of new met coal production. Given more clarity in the market, we are poised to add more as we make continued progress toward our goal to double our met coal production to at least 7 million tons over the next few years. We also made meaningful progress toward developing our rare earth element and critical minerals deposit in Wyoming at our Brook Mine. Initial reports in 2024 from third-party experts at Fluor Corporation, Weir International, and National Energy Technology Laboratory highlighted the unique value of the deposit. We expect development work in 2025 will move us further down the path to commercialization, enabling Ramaco to hopefully become a major U.S. supplier of critical minerals for many decades. Ramaco s conservative financial approach provided capital stability in a turbulent market. We ended the year with our strongest earnings quarter of 2024, despite also being the year s weakest in met coal pricing. We have minimal asset retirement obligations, net debt and legacy liabilities, and entered 2025 with record liquidity of $138 million, up more than 50% year on year. We look forward to continuing to outperform in 2025 even as we approach the year recognizing the macro headwinds in which we will operate. Cordially yours, Randall Atkins, Chairman & CEO
Financial Metrics Ramaco is one of America s top producers of metallurgical coal, a critical mineral and a key input in manufacturing steel. Our high-quality resources are vital for infrastructure, energy development, critical materials, and more. We are also an emerging producer of rare earth elements and other critical minerals, and have partnered with federal researchers for over a decade on coal-to-product research. Key Statistics Revenue Net Income Sales Volume $666M $11M 4.0 MM tons Adjusted EBITDA* Net Debt to Adj. EBITDA* Employees $106M 0.5x 984 *Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by management and external users of our financial statements. Please see the reconciliation of these measures to the comparable GAAP measures in this report.
Ramaco sells coal both domestically and to customers in 20 countries. In 2024, we sold a record 4.0 million tons to steelmakers around the world. In Q4 2024, we exceeded our original goal from the time of the IPO, shipping at a roughly 4.5 million ton annualized run-rate.
 • shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
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 • stockholder letter icon 4/29/2024 METC Stockholder Letter
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 • Benford's Law Stocks icon METC Benford's Law Stock Score = 100


METC Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Ramaco electrician Jeff Hood attends a White House ceremony on April 8, 2025.
A technician sorts through core samples at Ramaco   s Brook Mine rare earth element development.

Dear fellow shareholders,
2024 was a landmark year for Ramaco Resources, in which our core
metallurgical coal business and emerging rare earth element business both
considerably developed. Despite a challenging market environment, Ramaco
exited 2024 firmly in the first quartile of the U.S. metallurgical coal cost curve, and
with the highest cash margins among its Central Appalachian peer group. In 2024,
we added roughly 500,000 tons of new met coal production. Given more clarity in
the market, we are poised to add more as we make continued progress toward our
goal to double our met coal production to at least 7 million tons over the next few
years.
We also made meaningful progress toward developing our rare earth
element and critical minerals deposit in Wyoming at our Brook Mine. Initial
reports in 2024 from third-party experts at Fluor Corporation, Weir International,
and National Energy Technology Laboratory highlighted the unique value of the
deposit. We expect development work in 2025 will move us further down the path
to commercialization, enabling Ramaco to hopefully become a major U.S. supplier
of critical minerals for many decades.
Ramaco   s conservative financial approach provided capital stability in a
turbulent market. We ended the year with our strongest earnings quarter of 2024,
despite also being the year   s weakest in met coal pricing. We have minimal asset
retirement obligations, net debt and legacy liabilities, and entered 2025 with
record liquidity of $138 million, up more than 50% year on year.
We look forward to continuing to outperform in 2025 even as we approach
the year recognizing the macro headwinds in which we will operate.
Cordially yours,
Randall Atkins, Chairman & CEO

Financial Metrics
Ramaco is one of America   s top producers of metallurgical coal, a critical mineral
and a key input in manufacturing steel. Our high-quality resources are vital for
infrastructure, energy development, critical materials, and more. We are also an
emerging producer of rare earth elements and other critical minerals, and have
partnered with federal researchers for over a decade on coal-to-product research.
Key Statistics
Revenue
Net Income
Sales Volume
$666M
$11M
4.0 MM tons
Adjusted
EBITDA*
Net Debt
to Adj. EBITDA*
Employees
$106M
0.5x
984
*Adjusted EBITDA and Net Debt are used as supplemental non-GAAP financial measures by management and
external users of our financial statements. Please see the reconciliation of these measures to the comparable GAAP
measures in this report.

Ramaco sells coal both domestically and to customers in 20 countries. In
2024, we sold a record 4.0 million tons to steelmakers around the world.
In Q4 2024, we exceeded our original goal from the time of the IPO,
shipping at a roughly 4.5 million ton annualized run-rate.



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