Ramaco Resources Inc. published the transcript of its Q4 2025 earnings call, attended by Founder, Chairman and CEO Randall Atkins; CFO Jeremy Sussman; EVP, Mine Planning and Development Chris Blanchard; EVP, Chief Commercial Officer and Chief Marketing Officer Jason Fannin; and EVP, Critical Mineral Operations Mike Woloschuk. Analysts on the call included Carlos de Alba (Morgan Stanley), Alex Fuhrman (Lucid Capital Markets), Jeffrey Grampp (Northland Capital Markets), Soundarya Iyer (B. Riley Securities), Ben Kallo (Baird), Matthew Key (Texas Capital), Brian Lee (Goldman Sachs), Nathan Martin (The Benchmark Company) and Douglas Ormond (Discovery Capital). Management highlighted improved coal operating performance and 2026 outlook, noting costs at the Elk Creek complex averaged $80 per ton and that the company delivered its “lowest cost we’ve seen since the fourth quarter of ’21,” while maintaining worker compensation. Atkins said, “We’re also proud that in this difficult market environment, we have not cut wages or benefits for our mine workers.” He added that quarterly cash margins were $24 per ton, despite weaker benchmark pricing. Ramaco also discussed commercial positioning and market conditions, stating it has “committed to roughly 80% of our ’26 production at the midpoint of guidance,” and pointed to improving met coal indices and potential supply constraints in Australia alongside stronger Indian demand. The company said it is accelerating low-vol growth projects at Berwind and Maben into 2026, expecting 100,000 to 200,000 tons of additional production in 2026 and about $20 million in incremental growth capex. A major focus was Ramaco’s rare earth and critical minerals initiative, where Atkins described a “new proprietary technology breakthrough” called carbochlorination that he said “reduces the overall capital and operating costs” and “improves overall product recoveries and yields.” He said the updated approach shifts the expected product mix toward “high-purity gallium, high-purity alumina as well as high-purity quartz” for semiconductor end markets and allows the company to avoid “the costly solvent extraction process,” with plans to sell rare earth output as mixed rare earth carbonate. Ramaco expects to publish a revised PEA with third-party economics by mid-year and said its Wyoming pilot plant facility should be completed this summer, with full pilot operations expected to start in 2027. The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ramaco Resources Inc. published the original content used to generate this news brief on February 28, 2026, and is solely responsible for the information contained therein.
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