LEXINGTON, Ky., March 21,
2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ:
METC, METCB, "Ramaco" or the "Company"), a leading operator and
developer of high-quality, low-cost metallurgical coal, announced
that the Company is publishing today the Updated Technical Report
Summary ("Report") undertaken by its independent reserve geologist,
Weir International, Inc. ("Weir") regarding Ramaco's Brook Mine
rare earth opportunity. The full Report can be found on our website
www.ramacoresources.com.
In addition to the Report, Ramaco's Chairman and Chief Executive
Randall Atkins has written an
accompanying Shareholder Letter to explain the Report's findings.
The letter also sets forth what steps we have taken to advance the
development of the Brook Mine, what independent test results have
determined, what steps will be taken toward potential
commercialization, and some preliminary structural and financial
options.
In terms of the Report's key findings, both the reported Brook
Mine's rare earth tonnage volume and concentrations estimates have
almost doubled since Weir's initial May
2023 Report. Overall tonnage estimates now stand above 1.5
million total in-place rare earth oxide tons, and concentrations
average stands at almost 550 parts per million ("ppm").
Importantly, a number of material lithologies showed maximum ppm
concentrations exceeding 9,000 ppm. In addition, over 10% of the
Brook Mine deposit was estimated to contain gallium and germanium,
which are two high value critical minerals the export of which was
recently banned by China.
Lastly, given the significance of the Report, at 9 a.m.
Eastern Time on Wednesday, March 27, 2024, Ramaco
Resources will host an investor conference call and webcast
where Randall Atkins, Chairman and Chief Executive
Officer, Dr. Alex Moyes, Director of
Critical Materials and Planning and Jeremy
Sussman, Chief Financial Officer will discuss the Report's
findings and their implications for the development of the Brook
Mine.
The conference call can be accessed by
calling 1-877-317-6789 domestically or 1-412-317-6789
internationally. The webcast for this release will be
accessible by visiting
https://event.choruscall.com/mediaframe/webcast.html?webcastid=uhiM9JTA.
There will be a live question and answer on the call after
management's prepared remarks. Analysts and investors are also
welcomed to submit their written questions ahead of time to
info@ramacometc.com.
ABOUT RAMACO RESOURCES
Ramaco Resources, Inc. is an operator and developer of
high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Its executive offices are in
Lexington, Kentucky, with
operational offices in Charleston, West
Virginia and Sheridan,
Wyoming. The Company currently has four active mining
complexes in Central Appalachia
and one mine not yet in production near Sheridan, Wyoming. Contiguous to the
Wyoming mine, the Company operates
a research and pilot facility related to the production of advanced
carbon products and materials from coal. In connection with these
activities, it holds a body of roughly 50 intellectual
property patents, pending applications, exclusive licensing
agreements and various trademarks. News and additional information
about Ramaco Resources, including filings with the Securities and
Exchange Commission, are available
at http://www.ramacoresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Many of the statements contained in this letter constitute
"forward-looking statements" within the meaning of the meaning of
Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"). All statements, other than
statements of historical fact included in this letter, regarding
our strategy, objectives, intended investigative, research and
development efforts, future operations, estimated value of the REE
deposits, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used in this letter
the words "could," "believe," "anticipate," "intend," "estimate,"
"expect," "project" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words.
Forward-looking statements may include statements about:
- identification and implementation of commercially feasible
extraction processes, and establishment of pilot and production
extraction facilities;
- expected costs to develop planned and future operations,
including the costs to construct necessary processing, refuse
disposal and transport facilities;
- the availability of the equipment and components necessary to
construct our pilot and production extraction facilities;
- estimated quantities or quality of our reserves;
- our ability to obtain additional financing on favorable terms,
if required, to complete the contemplated development;
- maintenance, operating or other expenses or changes in the
timing thereof;
- competition in REE mining and extraction markets;
- the price of REEs;
- compliance with stringent laws and regulations, including
environmental, climate change and health and safety regulations,
and permitting requirements, as well as changes in the regulatory
environment, the adoption of new or revised laws, regulations and
permitting requirements;
- potential legal proceedings and regulatory inquiries against
us;
- the impact of weather and natural disasters on plant
construction, demand, production and transportation;
- geologic, equipment, permitting, site access and operational
risks and new technologies related to REE mining;
- transportation availability, performance and costs;
- availability, timing of delivery and costs of key supplies,
capital equipment or commodities such as diesel fuel, steel,
explosives and tires;
- timely review and approval of permits, permit renewals,
extensions and amendments by regulatory authorities;
- our ability to comply with certain debt covenants; and
- risks related to weakened global economic conditions and
inflation.
These forward-looking statements represent Ramaco Resources'
expectations or beliefs concerning guidance, future events,
anticipated revenue, future demand and production levels,
macroeconomic trends, the development of ongoing projects, costs
and expectations regarding the commercial feasibility of mining and
extracting Ramaco's REEs, and it is possible that the results
described in this letter will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Ramaco Resources'
control, which could cause actual results to differ materially from
the results discussed in the forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and, except as required by law, Ramaco Resources does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Ramaco Resources to predict all such factors. When
considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements found in
Ramaco Resources' filings with the Securities and Exchange
Commission ("SEC"), including its Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. The risk factors and other factors
noted in Ramaco Resources' SEC filings could cause its actual
results to differ materially from those contained in any
forward-looking statement.
POINT OF CONTACT
INVESTOR RELATIONS:
info@ramacometc.com or 859-244-7455
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SOURCE Ramaco Resources, Inc.