Ramaco Resources Class A (METC)
Central Appalachian metallurgical coal producer building a Wyoming rare-earth project.
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Mines and sells metallurgical coal from four Central Appalachian complexes to steel and coke producers, while developing a pre-revenue Wyoming rare-earth and critical-minerals project under a dual-class share structure that separates mining from a linked royalty income stream.
Four active mining complexes across Central Appalachia produce high- and low-volatility metallurgical coal sold to blast-furnace steel mills and coke plants, both domestically and overseas.
A second platform has been under development since 2023: a Wyoming deposit of magnetic rare earths and critical minerals uncovered through a Department of Energy coal-core sampling program, still in the pilot and exploration stage. A dual-class share structure separates the mining business from a linked royalty and infrastructure income stream.
Founder-led since inception, with production volumes climbing for six consecutive years and a comparatively conservative balance sheet. Current revenue depends entirely on metallurgical-coal pricing and blast-furnace steel demand.
Commercial output from the Wyoming project is not targeted before the back half of the decade, leaving coal as the sole revenue source until then.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $13 | Target: $11 |
| Aug 18, 2026 | Baird | Downgrade | ||
| Aug 6, 2026 | Robert W. Baird | Target | Target: $25 | Target: $13 |
| Aug 6, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $15 | Target: $11 |
| Jul 8, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $17.50 | Target: $13 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $282.5M · Total debt $468.4M · Total assets $1.02B · Shareholders' equity $376.1M
- Revenue
- $144.8M
- Operating income
- −$18.2M
- Net income
- −$15.4M
HistoryDividendAnnual yield
| Institutions | 84.16% | 53.35M shares | |
|---|---|---|---|
| 224 holders · as of Jun 30, 2026 | |||
| Insiders | 7.20% | 4.56M shares | |
| 5 holders · as of Sep 3, 2026 | |||
| Other | 8.64% | 5.48M shares | |
| remainder | |||
63.39M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (63.39M in the company's Sep 22, 2026 report, 53.80M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Discovery Capital Management, LLC / CTInstitution | 8.58% | 5.31M A · 128,930 B | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.76% | 4.43M A · 492,327 B | as of Jun 30, 2026 |
Bryan H. Lawrence1Insiderdirector | 7.08% | 1.22M A · 3.26M B | filed Sep 3, 2026 |
Yorktown Energy Partners XI, L.P.Institution | 6.70% | 2.98M A · 1.27M B | as of Jun 30, 2026 |
Dayah Energy Partners, L.P.Institution | 5.75% | 3.65M | filed Mar 6, 2026 |
- Bryan H. Lawrence reports a block also reported by another filer; it is counted once, under that filer.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Discovery Capital Management, LLC / CT | 10 percent owner | −500,000 | $9.57 |
| Mar 23, 2026 | Peter A. Leidel | director | −200,000 | $13.53 |
| Mar 26, 2026 | Peter A. Leidel | director | −206,343 | $13.58 |
| Mar 25, 2026 | Peter A. Leidel | director | −210,258 | $13.92 |
| Mar 24, 2026 | Peter A. Leidel | director | −208,103 | $13.91 |
- Alpha Metallurgical Resources
Largest US met coal producer, same Central Appalachian basin and end markets
- Warrior Met Coal
US pure-play premium hard coking coal exporter, all-export longwall operator
- Core Natural Resources
Diversified met + thermal coal producer formed by 2025 Arch / CONSOL merger
- Peabody Energy
Global thermal-first coal producer with a growing Australian met coal sleeve
- MP Materials
Only integrated US rare earth mine-to-magnet producer, direct DoD-backed peer
- USA Rare Earth
Integrated Round Top heavy REE and NdFeB magnet developer, similar HREE basket
- Energy Fuels
US uranium miller producing Tb and Dy heavy REE oxides at pilot scale today
- NioCorp Developments
Nebraska Elk Creek scandium / niobium / REE developer, direct scandium peer
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ramaco Resources Class A | $9.91 | +2.23% | $504.2M | — | — | 1.0 | −5.3% |
| Alpha Metallurgical Resources | $190.00 | +0.83% | $2.23B | — | 48.5 | 1.1 | −10.4% |
| Warrior Met Coal | $92.10 | −0.06% | $4.67B | 21.3 | 13.0 | 2.8 | +71.3% |
| Core Natural Resources | $93.93 | +0.02% | $4.57B | 45.6 | 21.5 | 1.1 | +3.5% |
| Peabody Energy | $27.02 | +0.81% | $3.05B | — | 13.5 | 0.8 | +12.7% |
| MP Materials | $50.96 | −0.18% | $8.90B | — | 154.9 | 29.1 | +89.0% |
| USA Rare Earth | $16.99 | +0.02% | $2.23B | — | — | 169.1 | — |
| Energy Fuels | $12.18 | +0.25% | $3.07B | — | — | 29.1 | +496.1% |
| NioCorp Developments | $3.75 | +0.40% | $541.6M | — | — | — | — |
| Median | 33.4 | 21.5 | 2.8 | +42.0% |