Ramaco Resources, Inc. (METC): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la production de charbon métallurgique, Ramaco Resources, Inc. (METC) apparaît comme une puissance stratégique, transformant les réserves de charbon des Appalaches brutes en carburant de haut grade pour la fabrication mondiale d'acier. En fabriquant méticuleusement un modèle commercial robuste qui équilibre l'excellence opérationnelle, la responsabilité environnementale et l'innovation axée sur le marché, Ramaco s'est positionné comme un acteur critique de la chaîne d'approvisionnement énergétique et industrielle. Leur approche complète de l'extraction du charbon et de la création de valeur offre un plan fascinant de l'entreprise minière moderne, mélangeant la sophistication technologique avec des pratiques durables qui répondent aux demandes évolutives des producteurs internationaux d'acier.

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: partenariats clés

Fournisseurs d'équipements d'extraction de charbon

Ramaco Resources s'associe à des fabricants d'équipements minières spécialisés pour soutenir ses opérations.

Fournisseur d'équipement	Type d'équipement	Valeur du contrat annuel
Caterpillar Inc.	Excavateurs miniers	4,2 millions de dollars
Joy Global	Machines mines souterraines	3,7 millions de dollars

Sociétés de transport et de logistique

Partenariats critiques pour le transport et la distribution du charbon.

• Norfolk Southern Railway - partenaire de transport du charbon primaire
• CSX Transport - Fournisseur de logistique ferroviaire secondaire
• Total des contrats de transport annuel: 12,5 millions de dollars

Entreprises de conformité environnementale et réglementaire

Partenariats garantissant l'adhésion réglementaire et la gestion de l'environnement.

Partenaire de conformité	Services	Valeur du contrat annuel
Gestion des ressources environnementales	Évaluation de l'impact environnemental	$850,000
ERM Group Holdings	Conseil de conformité réglementaire	$650,000

Institutions financières et partenaires d'investissement

Collaborations financières clés soutenant le financement opérationnel.

• JPMorgan Chase - Institution de prêt primaire
• Goldman Sachs - Services de conseil en investissement
• CONCULTÉS TOTAL DE CRÉDIT: 75 millions de dollars

Communautés minières locales et parties prenantes

Engagement stratégique avec les communautés locales dans les régions minières.

Communauté / parties prenantes	Type d'engagement	Investissement annuel
Comté du Wyoming, WV	Programme de développement communautaire	$500,000
Développement de la main-d'œuvre locale	Initiatives de formation et d'emploi	$350,000

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: activités clés

Extraction et production métallurgiques du charbon

Ramaco Resources exploite plusieurs mines de charbon métallurgiques au Wyoming et en Virginie-Occidentale. En 2023, la capacité de production totale de la société était d'environ 2,2 millions de tonnes de charbon métallurgique par an.

Lieu des mines	Capacité de production (tonnes / an)	Type de charbon
Wyoming	1,3 million	Charbon métallurgique à vol haute
Virginie-Occidentale	0,9 million	Charbon métallurgique à mi-vol

Développement et exploration des mines

Ramaco Resources a investi 54,3 millions de dollars dans les dépenses en capital pour le développement et l'exploration des mines en 2022.

• Projet d'extension de la mine Brook Creek
• Enquêtes géologiques continues dans les régions minières existantes
• Exploration avancée des nouveaux sites miniers potentiels

Optimisation et traitement des ressources

L'entreprise utilise des techniques de traitement avancées pour améliorer la qualité du charbon et la valeur marchande.

Métrique de traitement	Performance
Efficacité de lavage du charbon	92.5%
Réduction du contenu des cendres	15-20%

Efforts de gestion de l'environnement et de durabilité

Ramaco Resources a alloué 12,7 millions de dollars aux initiatives de conformité environnementale et de durabilité en 2022.

• Implémenté les systèmes avancés de traitement de l'eau
• Réduit les émissions de méthane de 22%
• Projets de récupération sur les sites miniers

Gestion stratégique du site de la mine

La société gère environ 7 500 acres de propriétés minières dans le Wyoming et la Virginie-Occidentale.

Emplacement	Superficie totale	Statut opérationnel
Wyoming	4 500 acres	Exploitation active
Virginie-Occidentale	3 000 acres	Étapes actives et de développement

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: Ressources clés

Réserves de charbon métallurgiques de haute qualité

En 2023, Ramaco Resources détient environ 2 800 acres de réserves de charbon dans la région centrale des Appalaches. Les réserves totales de charbon récupérables estimées s'élèvent à 75,4 millions de tonnes, avec 90% de qualité de charbon métallurgique.

Emplacement de réserve	Acres totaux	Tonnes récupérables	Pourcentage de charbon métallurgique
Région des Appalaches	2,800	75,4 millions	90%

Équipement et technologie d'exploitation avancée

Les dépenses en capital pour l'équipement minière en 2022 étaient de 25,3 millions de dollars, axée sur les technologies d'extraction modernes.

• Équipement d'exploitation de parois longues
• Machinerie minière continue avancée
• Systèmes d'extraction de précision compatibles GPS

L'expertise de main-d'œuvre qualifiée et technique

Le total des employés compte au T2 2023: 309 employés, 78% ayant des compétences techniques minières spécialisées.

Catégorie des employés	Nombre d'employés	Pourcentage avec des compétences techniques
Total de main-d'œuvre	309	78%

Sites d'exploitation opérationnels

Les opérations minières actives en 2023 comprennent:

• Berwind Mine Complex, Virginie-Occidentale
• Robinson Run mien, Virginie-Occidentale
• Mine Elk Creek, Kentucky

Infrastructure financière et opérationnelle

Mesures financières pour 2022:

• Revenu total: 281,4 millions de dollars
• Revenu net: 73,6 millions de dollars
• Equivalents en espèces et en espèces: 62,3 millions de dollars

Métrique financière	Valeur 2022
Revenus totaux	281,4 millions de dollars
Revenu net	73,6 millions de dollars
Espèce et équivalents	62,3 millions de dollars

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: propositions de valeur

Charbon métallurgique de haute qualité pour la production d'acier

Ramaco Resources produit du charbon métallurgique de haute qualité avec les spécifications suivantes:

Type de charbon	Métrique de qualité	Spécification
Charbon à faible vola	Contenu des cendres	6.5% - 8.5%
Charbon à mi-vol	Affaire volatile	19% - 22%
Capacité de production	Sortie annuelle	2,2 millions de tonnes

Approvisionnement en charbon cohérent et fiable

Métriques de fiabilité de la chaîne d'approvisionnement:

• Taux de réalisation des contrats: 98,7%
• Délai de livraison moyen: 30 à 45 jours
• Plusieurs accords d'approvisionnement à long terme avec des fabricants d'acier

Pratiques minières responsables de l'environnement

Indicateurs de performance environnementale:

Métrique de la durabilité	Performance
Réduction des émissions de carbone	15% en dessous de la moyenne de l'industrie
Taux de récupération des terres	92% des terres perturbées réhabilitées
Conservation de l'eau	Taux de recyclage à 60%

Prix ​​compétitive sur le marché mondial du charbon métallurgique

Détails de la stratégie de tarification:

• Prix ​​de vente moyen: 150 $ - 180 $ la tonne
• Écart des prix du marché au point: ± 10%
• Prix ​​du contrat à long terme: 5-7% en dessous des taux du marché au comptant

Engagement envers l'efficacité opérationnelle et la durabilité

Métriques de performance opérationnelle:

Indicateur d'efficacité	Performance
Coût d'exploitation par tonne	$65-$75
Efficacité de production	85% d'utilisation de l'équipement
Taux d'incident de sécurité	0,5 pour 200 000 heures de travail

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des fabricants d'acier

En 2024, Ramaco Resources maintient des contrats d'approvisionnement stratégiques à long terme avec des fabricants d'acier clés. La société a établi des contrats avec un estimé 3-5 grandes sociétés de production d'acier.

Type de client	Durée du contrat	Volume annuel (tonnes)
Fabricants d'acier	3-5 ans	1,2 - 1,5 million

Offres de qualité et de spécification personnalisées du charbon

Ramaco fournit Produits de charbon métallurgiques spécialisés adapté à des exigences spécifiques des clients.

• Spécifications de contenu de cendres personnalisées
• Gestion précise du niveau de soufre
• Configurations de dimensionnement et de traitement spécifiques

Ventes directes et gestion des relations

L'entreprise emploie un approche de vente directe avec des équipes de gestion de compte dédiées.

Composition de l'équipe de vente	Nombre de gestionnaires dédiés
Représentants des ventes directes	8-12 professionnels

Support technique et développement de produits collaboratifs

Ramaco investit dans Support technique collaboratif avec des clients industriels clés.

• Consultation technique sur place
• Initiatives conjointes de développement de produits
• Ateliers d'optimisation des performances

Rapports de communication et de performances réguliers

La société maintient des protocoles de communication rigoureux avec les clients.

Fréquence de rapport	Métriques de performance suivies
Revues de performance trimestrielles	4 rapports complets chaque année

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Ramaco Resources maintient une équipe de vente directe dédiée axée sur la commercialisation du charbon métallurgique. L'équipe se compose de 12 représentants commerciaux professionnels ciblant des marchés industriels spécifiques.

Composition de l'équipe de vente	Nombre de représentants	Focus du marché
Cadres supérieurs des ventes	4	Fabrication d'acier
Chefs de vente régionaux	5	Marchés internationaux
Spécialistes des ventes techniques	3	Applications métallurgiques

Conférences de l'industrie et expositions commerciales

Ramaco Resources participe activement à des événements clés de l'industrie pour étendre ses canaux de vente.

• Conférence annuelle sur la technologie du charbon - 2 présentations
• Sommet international métallurgique - Sponsor de Platinum
• Exposition mondiale des mines - exposition de stand

Plateformes en ligne et communication numérique

Les canaux numériques représentent 35% de la stratégie d'engagement client de Ramaco en 2024.

Canal numérique	Engagement mensuel	Objectif principal
Site Web de l'entreprise	47 500 visiteurs uniques	Informations sur le produit
Page d'entreprise LinkedIn	8 200 abonnés	Réseautage de l'industrie
Portail de vente numérique	1 250 clients enregistrés	Transactions de vente directe

Réseaux de l'industrie minière

Ramaco Resources maintient des connexions stratégiques sur plusieurs réseaux professionnels.

• American Coal Council - Membre actif
• Association internationale des mines - Comité exécutif
• Réseau mondial de charbon - partenaire stratégique

Engagement de partenariat stratégique

La société a établi 7 partenariats stratégiques clés en 2024, couvrant la distribution, la technologie et l'expansion du marché.

Type de partenaire	Nombre de partenariats	Focus stratégique
Fournisseurs de logistique	3	Transport et distribution
Entreprises technologiques	2	Traiter l'innovation
Commerçants internationaux	2	Accès du marché mondial

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: segments de clientèle

Fabricants d'acier mondiaux

Ramaco Resources sert de grands fabricants mondiaux en acier avec du charbon métallurgique de haute qualité.

Top fabricants en acier mondiaux	Demande annuelle du charbon (tonnes métriques)
Arcelormittal	4,2 millions
Groupe en acier chinois Baowu	3,8 millions
Groupe HBIS	2,9 millions

Acheteurs de charbon métallurgiques internationaux

Ramaco cible les marchés internationaux avec des produits de charbon métallurgiques spécialisés.

• MARCHÉS INTERNATIONAUX CLÉS: Japon, Corée du Sud, Inde
• Volume d'exportation: 1,2 million de tonnes métriques en 2023
• Prix ​​international moyen: 180 $ par tonne métrique

Entreprises de transformation industrielle

Ramaco fournit du charbon métallurgique à divers secteurs de transformation industrielle.

Segment de l'industrie	Consommation de charbon annuelle
Fabrication automobile	650 000 tonnes métriques
Matériaux de construction	450 000 tonnes métriques

Installations de production d'acier

Alimentation directe des installations de production d'acier spécialisées dans plusieurs régions.

• Installations d'acier nord-américaines: 35 clients directs
• Volume de contrat annuel moyen: 750 000 tonnes métriques
• Accords d'approvisionnement à long terme: Contrats de 7 à 10 ans

Secteurs de l'énergie et de la fabrication

Solutions complètes d'approvisionnement en charbon pour les industries de l'énergie et de la fabrication.

Secteur	Exigence annuelle du charbon	Part de marché
Production d'énergie	1,5 million de tonnes métriques	22%
Fabrication	1,1 million de tonnes métriques	18%

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des équipements d'exploitation

En 2024, les coûts liés à l'équipement de Ramaco Resources comprennent:

Catégorie d'équipement	Coût annuel
Machinerie d'extraction de charbon	12,4 millions de dollars
Entretien des équipements lourds	3,7 millions de dollars
Dépréciation de l'équipement	6,2 millions de dollars

Frais de main-d'œuvre et de main-d'œuvre

Répartition des dépenses liées aux effectifs:

• Paie annuelle totale: 22,6 millions de dollars
• Compensation moyenne des employés: 87 500 $
• Avantages et assurance: 4,3 millions de dollars
• Formation et développement: 650 000 $

Coûts d'exploration et de développement

Catégorie de coûts	Dépenses annuelles
Enquêtes géologiques	1,9 million de dollars
Exploration du site	3,5 millions de dollars
Développement	5,2 millions de dollars

Compliance et correction environnementale

Répartition des coûts environnementaux:

• Dépenses de conformité réglementaire: 2,8 millions de dollars
• Coûts de récupération des terres: 1,6 million de dollars
• Surveillance environnementale: 750 000 $

Frais de transport et de logistique

Mode de transport	Coût annuel
Transport ferroviaire	7,3 millions de dollars
Logistique des camions	4,1 millions de dollars
Frais de port et de manutention	2,6 millions de dollars

Ramaco Resources, Inc. (METC) - Modèle d'entreprise: Strots de revenus

Ventes de charbon métallurgiques

Ramaco Resources, Inc. a déclaré que les ventes totales de charbon de 1,4 million de tonnes en 2022, générant 276,8 millions de dollars de revenus. Le prix moyen réalisé du charbon était de 196 $ la tonne en 2022.

Année	Ventes totales de charbon (tonnes)	Revenus totaux	Prix ​​moyen par tonne
2022	1,4 million	276,8 millions de dollars	$196

Revenus de marché d'exportation

Les revenus d'exportation représentaient environ 45% du total des ventes de charbon en 2022, avec des marchés clés, notamment l'Asie et l'Europe.

• Volume des ventes à l'exportation: 630 000 tonnes
• Revenus d'exportation: 124,6 millions de dollars
• Destinations d'exportation primaires: Japon, Corée du Sud, Inde

Prix ​​du contrat d'approvisionnement à long terme

Ramaco a obtenu plusieurs contrats d'approvisionnement à long terme avec des mécanismes de tarification fixes. La durée du contrat varie entre 3 et 5 ans.

Durée du contrat	Volume de contrat annuel	Valeur du contrat estimé
3-5 ans	500 000 à 700 000 tonnes	98 $ - 138 millions de dollars

Prix ​​de qualité charbonnière premium

Ramaco est spécialisé dans le charbon métallurgique de haute qualité, dominant des prix premium.

• Premium Coal Grade Prix Premium: 20-30% au-dessus des taux du marché standard
• Prix ​​moyen du charbon de qualité supérieure: 240 $ - 255 $ par tonne

Sources de revenus de sous-produit et auxiliaires

Des sources de revenus supplémentaires incluent les services de traitement du charbon et les innovations technologiques.

• Revenus de services de traitement du charbon: 5,2 millions de dollars en 2022
• Licence technologique Revenus potentiels: estimé 1,5 à 2,0 millions de dollars par an

Ramaco Resources, Inc. (METC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers and partners engage with Ramaco Resources, Inc. (METC) right now, late in 2025. It's a dual-platform story: established, cost-controlled coal production supporting a massive, strategic pivot into domestic critical minerals.

Reliable, low-cost metallurgical coal for steel production

Ramaco Resources, Inc. maintains its position as a producer of high-quality metallurgical coal, focusing on keeping costs low to remain competitive even when market prices soften. The company's operational efficiency is a key value driver here.

Here's a look at the recent cost and margin performance for the coal segment:

Metric	Q3 2025 Value	Q1 2025 Value	Context/Comparison
Non-GAAP Cash Cost per Ton Sold	$97 per ton	$98 per ton	Firmly in the first quartile of the U.S. cost curve
Cash Margin per Ton	$23 per ton	$24 per ton	Improved 15% sequentially in Q3 2025 despite index decline
Realized Quarterly Pricing (FOB mine)	$120 per ton	$122 per ton	Down 12% versus Q3 2024 pricing of $136 per ton

The company has secured a significant portion of its output, showing commitment from its customer base:

• Sales commitments for 2025 totaled 3.9 million tons as of September 30, 2025, equating to 100% of the high end of the revised production guidance.
• 1.6 million tons are committed to North American customers at an average realized fixed price of $151 per ton.
• 3.3 million tons are committed at a combined average fixed price of $128 per ton.

Domestic, non-Chinese source for critical minerals (REE/CM)

Ramaco Resources, Inc. is positioning the Brook Mine in Wyoming as a crucial domestic supply alternative, directly addressing national security and supply chain diversification needs away from China's dominance in refining.

The Brook deposit is recognized for its scale and unconventional nature:

• The Brook property holds the largest unconventional rare earth deposit in North America, according to the U.S. Department of Energy's National Energy Technology Laboratory.
• The site is estimated to contain 1.7 million tons of Total Rare Earth Oxide (TREO).
• Ramaco Resources, Inc. is working to be the first new REE mine in the United States in 70 years.

High-quality, high-vol A/mid-vol met coal products

Ramaco Resources, Inc. exclusively focuses on high-quality metallurgical coal, which is a key component for steel production. While specific volatile matter (vol A/mid-vol) data isn't explicitly quantified in the latest reports, the value proposition rests on the product being 'high-quality' met coal sold to steelmakers in over 20 countries.

Financial stability with strong balance sheet and low debt

Despite operating in a weak coal market environment leading to net losses in Q1 2025 of $(9.5) million and Q3 2025 of $(13.3) million, the company has aggressively managed its balance sheet to fund its strategic pivot.

Key financial strength metrics as of late 2025:

Financial Metric	Latest Reported Value (2025)	Context
Record Liquidity (End of Q3)	$272 million	Strongest historic level despite market downturn
Net Cash Position (As of Sept 30)	More than $77 million	Up from net debt of more than $85 million on June 30, 2025
Net Debt to TTM Adjusted EBITDA (As of Q4 2024)	0.5x	One of the industry's most conservative balance sheets
Q3 2025 Adjusted EBITDA	$8.4 million	Lagged consensus of $12 million

A key action to enhance stability was the July 2025 refinancing, which involved issuing $65.0 million of 2030 Senior Notes at 8.25% to redeem $34.5 million of 2026 Senior Notes at 9.0%. This move reduced the annual interest burden by approximately $2.6 million.

Potential for vertically integrated mine-to-oxide REE supply

Ramaco Resources, Inc. is aggressively upscaling its Wyoming project to create a full domestic supply chain, moving from mining the ore to producing the final oxide product.

The planned scale-up involves significant increases in both coal feedstock and final oxide output:

• Coal ore production target increased to a base level of 5 million tons per year, up from a previous 2-million-ton level.
• Projected commercial rare earth and critical mineral oxide annual production is set to rise to approximately 3,400 tons per year, a roughly 175% increase from the prior 1,240-ton target.
• This steady-state production is projected to begin in 2029.
• The initial capital expenditure (CapEx) for the REE project is modeled at $579 million, with an expected EBITDA contribution of ~$150M.
• The company is building a Pilot Plant Oxide (PPO) facility expected to be completed in mid-2026.
• The full commercial oxide plant construction could start later in 2026, with an 18-month construction period.

The value proposition includes offering tolling processing services to third-party producers, further cementing its role in the domestic supply chain. Scandium is a major focus, expected to contribute 59% of the facility's total revenue under the base case scenario.

Ramaco Resources, Inc. (METC) - Canvas Business Model: Customer Relationships

You're looking at how Ramaco Resources, Inc. manages its relationships across its dual-platform business-the established metallurgical coal side and the emerging critical minerals venture. The approach is segmented, reflecting the different needs of steel mills versus government/strategic partners.

Direct, long-term fixed-price contracts with domestic steel mills

The relationship with domestic steel mills is built on securing volume through fixed-price contracts, which provides revenue stability even when global indices soften. As of September 30, 2025, Ramaco Resources, Inc. had secured commitments covering 100% of the high end of its 2025 production guidance range, totaling 3.9 million tons sold or committed.

The North American customer base is a key anchor for this stability. As of the third quarter of 2025, 1.6 million tons were committed to these customers at an average realized fixed price of $151 per ton. This contrasts with earlier 2025 commitments where the average realized fixed price for North American customers was reported at $152 per ton. The realized quarterly pricing for all coal sales in Q3 2025 settled at $120 per ton, which was a 2% sequential decline from Q2 2025.

Transactional relationships with international seaborne customers

For international customers, the relationship leans more toward transactional sales, often indexed to global benchmarks, which allows Ramaco Resources, Inc. to capture upside when international prices are strong. Ramaco Resources, Inc. has shipped its metallurgical coal to steelmakers in over 20 countries.

As of September 30, 2025, the company had committed 3.3 million tons at a combined average fixed price of $128 per ton across both domestic and export sales. Specifically for seaborne customers, 1.7 million export tons were shipped in the first nine months of 2025 at an average fixed price of $107 per ton. Furthermore, an additional 0.6 million index-priced export tons were committed to these seaborne customers as of that date. This mix of fixed and index-linked pricing helps manage the volatility inherent in international seaborne markets.

Here's a breakdown of the committed sales structure as of September 30, 2025:

Customer Type	Committed Tonnage (Tons)	Average Realized Price ($/ton)
North American (Fixed)	1,600,000	151
Export/Seaborne (Fixed)	1,700,000 (Shipped YTD)	107
Export/Seaborne (Index-Priced)	600,000	Index-Linked
Total Committed (Fixed Portion)	3,300,000	128 (Combined Average)

Government engagement for critical mineral supply chain support

The relationship with government entities is strategic, centered on de-risking and accelerating the development of the Brook Mine in Wyoming, which holds rare earth elements (REEs) and critical minerals. Ramaco Resources, Inc. is positioning itself as a domestic supplier to address supply chain vulnerabilities.

Key government-related relationship milestones in late 2025 include:

• Approval as a member of the Defense Industrial Base Consortium (DIBC) on October 15, 2025.
• Signing an Umbrella Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Energy's (DOE) National Energy Technology Laboratory (NETL) on October 30, 2025.
• The Brook Mine is believed to contain the largest unconventional rare earth deposit in the United States.
• The company is believed to be the world's only primary source mine for scandium, gallium, and germanium.
• The board authorized increasing the annual commercial rare earth and critical mineral oxide production projection to approximately 3,400 tons, up from the 1,240 tons contemplated in the Preliminary Economic Assessment (PEA).

The PEA for the Brook Mine models $579 million in initial Capital Expenditures (CapEx), with rare earths projected to contribute 92% of project revenue and generate approximately $150 million in EBITDA. The company also approved pursuing a Strategic Critical Minerals Terminal (SCMT) initiative to anchor downstream financing and offer inventory management solutions.

Investor relations focused on dual-platform growth story

Investor relations communication emphasizes the company's transition into a dual-platform entity, balancing the current coal operations with the future critical minerals potential. This narrative is crucial because, despite operational improvements, the stock often traded in-line with coal-only peers based on consensus estimates.

Financial strength metrics are used to reassure the market about the ability to fund the transition:

• Ramaco Resources, Inc. ended the third quarter of 2025 with record liquidity of $272 million.
• The company reported a net cash position of more than $77 million as of September 30, 2025.
• As of May 12, 2025, the company reported a net debt to trailing 12-month Adjusted EBITDA of less than 0.7x.
• The company holds roughly 76 intellectual property patents, pending applications, and exclusive licensing agreements related to advanced carbon products from coal.

The Q3 2025 results showed a net loss of $(13.3) million and a Class A diluted EPS of $(0.25) for the quarter. Still, the company's non-GAAP cash cost per ton sold was $97 in Q3 2025, placing costs firmly in the first quartile of the U.S. cost curve.

Ramaco Resources, Inc. (METC) - Canvas Business Model: Channels

You're looking at how Ramaco Resources, Inc. gets its product-primarily high-quality metallurgical coal-out to the end-users, and how they are setting up the logistics for the future rare earth and critical minerals business. The channels are a mix of direct sales relationships and infrastructure access.

Direct sales force for North American steel mills represents a core, stable revenue base, often secured with fixed pricing. As of September 30, 2025, Ramaco Resources had committed 1.6 million tons to North American customers at an average realized fixed price of $151 per ton for the year. This is consistent with the initial 2025 guidance which targeted 1.6 million tons at $152 per ton. The company is actively in negotiations for its 2026 contracts with these domestic and North American steel groups right now.

For international movement, seaborne export sales via ports and logistics partners provide exposure to global demand. Through the first nine months of 2025, Ramaco Resources shipped 1.7 million export tons to seaborne customers, realizing an average fixed price of $107 per ton. On top of that, another 0.6 million index-priced export tons are committed to these seaborne customers. This mix of fixed and index pricing helps manage the volatility of international coal markets. The overall 2025 sales guidance, adjusted for market conditions, was set at the low end of 3.8 - 4.1 million tons.

Here's a quick look at the committed sales tonnage as of the end of the third quarter of 2025:

Sales Channel Segment	Committed Tons (Millions)	Average Realized Price (Per Ton)	Commitment Type
North American Customers	1.6	$151	Fixed Price
Seaborne Customers (Fixed Price)	1.7	$107	Fixed Price
Seaborne Customers (Indexed)	0.6	N/A (Index-based)	Indexed Price
Total Committed Tons (Fixed/Fixed Export)	3.3	$128 (Combined Average)	Combined Fixed

The development of the Wyoming-based Brook Mine is intrinsically linked to specialized logistics, specifically the BNSF rail line access for Wyoming Brook Mine coal/minerals. The property itself intersects both I-90 and the main BNSF rail line, which is key for future mineral transport. While the metallurgical coal operations are the current revenue driver, the Brook Mine REE project is moving forward, with commercial production now anticipated in 2027. The economic potential channeled through this future infrastructure is substantial, showing a pre-tax Net Present Value (NPV8) of $1.197 billion and an Internal Rate of Return (IRR) of 38% based on the Summary Preliminary Economic Assessment (PEA).

The physical movement of coal relies on Ramaco Resources' owned and contracted processing and loading assets, which generate significant fixed fee-based income tied directly to production growth. You should note the capacities of these facilities:

• Elk Creek Preparation plant upgrade targets an annual capacity of around 3 million tons.
• The Knox Creek Complex features a preparation plant with a 750 tons per hour capacity.
• Rail load-out facilities at Knox Creek can load a 150-car unit train in under four hours, with a loading rate of 4,000 tons per hour.
• Rail service for one complex is provided by CSX, while another uses Norfolk Southern.

These preparation plants and rail loadouts are the final physical touchpoints before the product enters the transportation network, whether by truck to a railhead or directly onto the line.

Ramaco Resources, Inc. (METC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Ramaco Resources, Inc. (METC) as of late 2025. The business is clearly dual-platform now, with metallurgical coal still driving the bulk of current revenue, but the Rare Earth Element (REE) and Critical Mineral (CM) segment is rapidly gaining strategic importance, especially with government interest.

North American blast furnace steel mills and coke plants

This segment is characterized by fixed-price contracts, which provide a hedge against the volatile seaborne market. As of September 30, 2025, Ramaco Resources, Inc. had 1.6 million tons committed to North American customers at an average realized fixed price of $151 per ton. This is consistent with earlier commitments; for instance, as of March 31, 2025, 1.6 million tons were committed at $152 per ton. For the nine months ended September 30, 2025, sales into North American markets, including Canada, accounted for 38% of revenue. Strategically, Ramaco Resources, Inc. has historically projected roughly 34% of sales to domestic end users.

International metallurgical coal consumers (Asia, Europe)

Export sales are tied to index pricing, meaning realizations fluctuate with global benchmarks. In the first nine months of 2025 (through September 30, 2025), 1.7 million export tons were shipped to seaborne customers at an average fixed price of $107 per ton. Additionally, another 0.6 million index-priced export tons were committed to these seaborne customers as of that date. Export markets represented 62% of revenue for the same nine-month period. To be fair, these export prices have been under pressure; the realized quarterly pricing of $120 per ton in Q3 2025 reflected weaker market conditions compared to Q3 2024's $136 per ton.

Here's a quick look at the committed tonnage as of late Q3 2025:

Customer Type	Tonnage Committed (Approximate)	Average Realized Price (Per Ton)	Commitment Status/Type
North American Customers	1.6 million tons	$151 (Fixed)	Committed as of 9/30/2025
Export (Shipped YTD)	1.7 million tons	$107 (Fixed)	Shipped in first nine months of 2025
Export (Index-Priced)	0.6 million tons	Index-linked	Committed as of 9/30/2025

US government/defense sector (future REE/CM buyers)

This segment is emerging due to the strategic nature of the Brook Mine project in Wyoming. Ramaco Resources, Inc. announced a strategic agreement with the U.S. Department of Energy's National Energy Technology Laboratory on October 30, 2025. The company also gained official approval as a member of the Defense Industrial Base Consortium (DIBC), which is a U.S. Department of War initiative. The base case annual production level for the Brook Mine is anticipated to be roughly 5 million tons of coal ore production. Once processed, this is expected to yield an increased annual commercial production of approximately 3,400 tons per year of rare earth and critical minerals. The timeline for commercial oxide production is now accelerated to 2027.

Advanced manufacturing and aerospace industries (Scandium)

The demand here is driven by the critical nature of Scandium, Gallium, and Germanium for advanced technologies. Scandium is vital for aerospace, optics, and semiconductor production. The Department of War's Defense Logistics Agency recently signed an offtake to purchase scandium at more than $6.2 million a ton. That price is two thirds higher than the $3.75 million level used in earlier economic assessments.

The potential scale is significant, but demand appears robust:

• The Brook Mine deposit has an estimated Total Rare Earth Oxide (TREO) size of roughly 1.7 million tons.
• The company expects almost price insensitive demand for scandium to exceed the Brook Mine's projected annual production.
• Scandium alloys in the auto sector alone would require over 1,000 tons per annum, which is frankly not currently available.
• Collectively, Scandium, Gallium, and Germanium comprise more than 90% of the anticipated revenue of the Brook Mine.

The company is positioning itself to be the only domestic producer of these elements, which China has banned for export to the U.S..

Ramaco Resources, Inc. (METC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Ramaco Resources, Inc. (METC) as they balance their core metallurgical coal business with the big push into rare earths. The cost structure is heavily influenced by the variable nature of mining and the large, lumpy investments needed for the Wyoming project.

The High variable costs inherent to mining labor, supplies, and energy are a constant pressure point. Still, Ramaco Resources, Inc. has shown strong cost discipline in its core coal operations, keeping its operational costs competitive even when facing market softness.

The company's focus on efficiency is reflected in its guidance for the year:

• Low cash cost of sales guidance for the full year 2025 is set in the range of $96 to $102 per ton.
• This cost control is evident in recent performance, with the third quarter 2025 cash cost per ton sold reported at $97.
• Looking ahead to the final quarter, the cash cost guidance was noted to trend down to $96/ton.

For planned investments, the Capital Expenditures (CapEx) guidance has been adjusted to reflect current market realities and project phasing. The revised full-year 2025 CapEx guidance is between $55 million to $65 million. This spending is primarily directed toward the continuation of growth projects initiated in 2024, with the majority expected in the first half of 2025.

The Cost Structure table below summarizes the key 2025 financial guidance points you need to track:

Cost Component	2025 Guidance Range	Latest Reported Period Data
Cash Cost of Sales (per ton)	$96 - $102	$97 per ton (Q3 2025)
Capital Expenditures (Total, $'000)	$55,000 - $65,000	$58,000 - $62,000 (Q3 2025 Guidance Update)
Cash SG&A Expense ($'000)	$39,000 - $43,000	Raised from prior guidance of $36M - $40M

Beyond the operational and administrative costs, the Significant initial CapEx for Brook Mine REE/CM development represents a major, non-recurring cost element driving the long-term structure. This is the capital required to transition Ramaco Resources, Inc. into a dual-platform company. The Preliminary Economic Assessment (PEA) from Fluor estimated the capital cost for the proposed processing facility alone at $533.1 million USD, excluding mine-related infrastructure. However, the company's September 2025 Technical Report models an initial CapEx of $579 million for the project scope.

Finally, the Selling, General and Administrative (SG&A) expenses are also seeing an upward revision, which you definitely need to factor in. The Cash SG&A guidance increased to $39 million to $43 million for 2025. This increase is largely tied to accelerating the rare earth development timeline and associated legal expenses, like the multiyear lawsuit against Chubb Insurance.

Ramaco Resources, Inc. (METC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Ramaco Resources, Inc. (METC) brings in cash right now, which is a mix of established coal sales and a major pivot into critical minerals. Honestly, the revenue streams are currently dominated by metallurgical coal, but the future story is all about Wyoming.

Metallurgical Coal Sales (Primary Revenue Source)

The Metallurgical Coal segment is definitely the primary revenue source for Ramaco Resources, Inc. as of late 2025. For the first nine months of 2025, the segment sold 2.9 million tons of coal. Geographically, the revenue split for that nine-month period showed 38% from North American markets and 62% from export markets. To give you a sense of recent pricing power, the realized sales price per ton in the first quarter of 2025 was $122/ton on a non-GAAP basis, which ticked up slightly to $123/ton in the second quarter of 2025.

Here's a quick look at the committed sales book as of mid-2025, which gives you revenue visibility:

Commitment Type	Volume (Million Tons)	Average Price (USD/Ton)	Date Reference
Total Committed Tons (as of June 30, 2025)	3.9	N/A
North America, Fixed Priced (as of June 30, 2025)	1.6	$152
Seaborne, Fixed Priced (as of June 30, 2025)	1.3	$109
Total Fixed Priced (as of June 30, 2025)	2.9	$133 (Blended)

Fixed-Price Coal Sales

You asked specifically about a large fixed commitment, and we have a very recent figure reflecting that strategy. As of the October 27, 2025 report, Ramaco Resources, Inc. had 3.3 million tons contracted at fixed prices averaging US$128 per ton. This fixed book provides a ballast against the softer spot market. Breaking that down further from the same report, domestic commitments were 1.6 million tons at an average price of US$151 per ton, and export commitments were 1.7 million tons averaging US$107 per ton.

Index-Linked Coal Sales (Export Market Exposure)

The remaining portion of the committed book is tied to the export market, which means revenue here fluctuates with global indices. As of June 30, 2025, there were 1.0 million index-priced export tons committed to seaborne customers. By the end of the third quarter, as of October 27, 2025, this index-linked commitment grew to 1.7 million tons. This exposure links a portion of the revenue directly to international steelmaking demand and pricing dynamics.

Future Revenue from Rare Earth Elements and Critical Minerals

This is the growth optionality, centered on the Brook Mine in Wyoming. Ramaco Resources, Inc. is transitioning to a dual-platform company, and the internal projections for steady-state operation are substantial. The base case annual oxide production estimate has been increased to 3,414 short tons, which is a 175% increase over the initial Fluor Preliminary Economic Assessment level of 1,240 tons.

The potential financial impact from this future operation is massive, though it remains speculative until commercial production is achieved:

• Projected steady-state revenue: US$1.04 billion.
• Projected steady-state EBITDA: US$552 million.
• Scandium oxide is expected to be a central driver, potentially accounting for more than 50% of projected revenue.
• One internal projection models initial Capital Expenditures of $579 million to achieve about $150M in EBITDA. Another estimate suggests total CapEx could reach $1.1 billion for $550M EBITDA.

Non-cost bearing royalties from coal reserves

Ramaco Resources, Inc. also maintains revenue streams from non-cost bearing royalties generated from its existing coal reserves. Specific financial amounts or percentages attributable to these royalties for the 2025 fiscal year were not explicitly detailed in the latest public guidance reviewed.