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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.
Posted In: METC
