Ramaco Announces Project Update and New Third-Party Groups Assisting in Development of Rare Earth Elements Deposit at Brook Mine

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Aug 06, 2024, 08:00 ET

LEXINGTON, Ky., Aug. 6, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") today released additional information regarding the Brook Mine project in Wyoming, as well as third-party groups advancing the development of rare earth and critical mineral deposits at the site. This includes two new companies — Fluor Corporation and Hazen Research, Inc. — who bring their industry-leading expertise to the project.

Third party groups currently working on the Brook Mine project now include:

Fluor Corporation, a global leader in engineering and construction, will conduct a comprehensive techno-economic assessment of our rare earth mining operations. Based on this validation and economic assessment, Fluor will also be designing the rare earth and critical mineral refining and processing demonstration plant at Ramaco's Western operations in Wyoming. The Company is planning to start construction on this new facility in mid 2025.
SGS, a world-leading inspection, verification, testing, and certification company, is providing mineralogical and elemental analysis. Additionally, their expertise in hydrometallurgy will support various aspects of Ramaco's flow sheet design.
Hazen Research Inc. is contributing their extensive capabilities in mineralogical and elemental analysis to the Brook Mine project, as well as physical beneficiation testing. Their work will enhance Ramaco's understanding of the ore characteristics and improve beneficiation processes, critical for optimizing resource recovery.
National Energy Technology Laboratory (NETL) is assisting in the continuing assessment and interpretation of the Brook Mine deposit. They are also collaborating with Ramaco on novel AI-assisted high-grade mapping that will help identify and target the highest concentrated areas, thereby improving the efficiency and effectiveness of Ramaco's mining efforts.

"We are excited to have assembled a world-class team of experienced parties in the rare earth and critical mineral fields. Working with our internal critical minerals group, they will help guide and execute on Ramaco's plans to develop what we feel will be one of our nation's largest and soon first new rare earth project of its type in the United States," said Randall Atkins, Chairman and Chief Executive Officer.

"We are now moving with dispatch to complete chemical, mineralogical and metallurgical testing of the deposit while simultaneously doing further exploration. This will inform our overall techno-economic analysis, which we expect to complete with Fluor later this year. We anticipate also releasing additional testing results on our exploration and chemical analysis from Weir International later this Fall. Lastly, we are moving to complete the planning, design and development steps to initiate construction on a rare earth demonstration processing facility contiguous to the mine site by the middle of next year."

ABOUT RAMACO RESOURCES

Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In 2023, the Company announced that a major rare earth deposit of primary magnetic rare earths was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 60 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at https://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.

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INVESTOR RELATIONS: [email protected] or 859-244-7455

SOURCE Ramaco Resources, Inc.