Highlights

• Ramaco Resources announces public offering of senior unsecured notes due 2030
• Purpose: Refinance existing debt and support strategic expansion
• Company aims to transition from traditional coal production to critical minerals
• Focus on rare earth development at Wyoming's Brook Mine
• Bond offering reflects dual strategy:
  • Stabilizing balance sheet
  • Positioning for potential rare earth production opportunities

Ramaco Resources (NASDAQ: METC), (opens in a new tab) best known for its metallurgical coal operations in Appalachia and early-stage rare earth ambitions in Wyoming, has announced a proposed public offering of senior unsecured notes due 2030 under the ticker METCI. The new debt issuance aims to refinance existing 2026 notes and fuel capital needs, including a faster ramp-up of rare earth development at the Brook Mine near Sheridan, Wyoming.

According to the company’s press release, proceeds from the offering will be used to redeem the 2026 notes and fund “general corporate purposes,” which include rare earth expansion, capital expenditures, and working capital. The notes—denominated in $25 increments—are expected to begin trading on the Nasdaq Global Select Market within 30 days of issuance, pending approval.

The underwriting team includes Lucid Capital Markets (opens in a new tab) (lead bookrunner) and B. Riley Securities (opens in a new tab), Janney Montgomery Scott (opens in a new tab), Piper Sandler (opens in a new tab), and William Blair (opens in a new tab) (joint bookrunners). Additional managers include Muriel Siebert & Co (opens in a new tab). and Texas Capital Securities (opens in a new tab).

What’s the Investment Signal?

This marks the latest in a series of capital market moves by Ramaco, which is attempting to evolve from a traditional coal producer to a domestic source of critical minerals, aligning with U.S. national supply chain goals. Earlier this month, the company released a preliminary economic assessment (PEA) prepared by Fluor Corporation, outlining its vision for rare earth extraction at Brook Mine. Rare Earth Exchanges (REEx) recently interviewed Wyoming Congresswoman Harriet Hageman (opens in a new tab), discussing the mine.

However, the current offering emphasizes debt refinancing and optionality, rather than a direct earmark for mine construction. The Brook Mine remains in the initial stages of production, and questions remain about regulatory timelines, technology partnerships, and offtake agreements.

Critical Questions for Investors:

• Will Ramaco secure permitting and downstream processing partners to move Brook Mine beyond PEA status?
• How much of the new capital will truly accelerate rare earth development vs. shore up coal operations?
• Will METCI trade attract long-term fixed-income investors or speculative retail interest tied to the rare earths narrative?

REEx Take: Ramaco’s bond offering reflects a dual strategy—stabilizing its balance sheet while quietly leaning into the rare earth spotlight. Retail investors should watch for updates on the Brook Mine’s transition from concept to production.