What Ramaco Resources, Inc. told the SEC could break it.

Ramaco's revenue is driven by volatile metallurgical (coking) coal prices — 2025 coal sales of $536.6M fell ~19% from 2024 mainly on weaker pricing, with much of its 2026 export commitments priced against benchmark indices.

“Coal sales for the full-year 2025 were $536.6 million, approximately 19% lower than the same period in 2024 driven by the negative impact of pricing and a 4% decrease in tons sold.”

In 2025 sales to three (unnamed) customers were ~34% of Ramaco's total revenue; loss or material reduction by a major customer would reduce revenue and hurt operating results.

“During 2025, sales to three customers accounted for approximately 34% of total revenue. No other customer accounted for 10% or more of our total revenue during 2025.”

63% of Ramaco's 2025 revenue came from export markets (37% North America), exposing it to global steel demand, seafreight, and trade-policy shifts beyond the domestic market.

“Of this amount, 37% of our revenue was from sales into North American markets and 63% of our revenue was from sales into export markets.”

Ramaco is entering rare-earth element mining, processing and refining (Brook Mine, Wyoming) — a type of mining it has never done, with no revenue yet and uncertainty over whether its rare-earth oxide estimates will be realized.

“our ability to successfully pursue our rare earth element mining, processing, refining, and commercialization activities which is a type of mining we have not previously pursued”

Ramaco's mining depends on environmental permits that can be delayed or denied — its RAM Mine permit was denied by Pennsylvania DEP in 2023, and the EPA holds CWA Section 404 veto power over Army Corps permits.

“the process of obtaining CWA permits can be particularly time-consuming and subject to delays and denials and generally involves multiple levels of agency review. The Environmental Protection Agency (the “EPA”) also has the authority to veto permits issued by the U.S. Army Corps. of Engineers (the “Corps”) under the CWA's Section 404 program”