Independent Preliminary Economic Assessment Report from Fluor Corporation Confirms Commercial and Technical Feasibility of Ramaco's Brook Mine Rare Earth Deposit
Ramaco Resources (NASDAQ: METC) has received positive preliminary economic assessment (PEA) results from Fluor Corporation confirming the commercial and technical feasibility of its Brook Mine rare earth deposit. The project demonstrates strong economics with a pre-tax NPV8 of $1.197 billion, NPV10 of $898 million, and an IRR of 38%.
The project requires an initial capital investment of $473 million (excluding 22% contingency) and is projected to generate steady-state annual adjusted EBITDA of $143 million by 2029 on $378 million in annual revenue. At full capacity, the mine will produce 1,242 short tons of oxide annually, including 456 tons of valuable elements like gallium, germanium, scandium, and rare earth elements.
The Brook Mine deposit, believed to be the nation's largest unconventional rare earth elements source from coal, features unique geological characteristics with negligible radioactive elements and simplified processing requirements. The project has an initial mine life of 42 years, utilizing less than 4% of the estimated total mineral inventory. A pilot plant is planned to be fully operational by mid-2026.
[ "Pre-tax NPV8 of $1.197 billion and strong IRR of 38% demonstrate robust project economics", "Steady-state annual adjusted EBITDA of $143 million projected by 2029", "Exceptional rare earth element leach extractions averaging 90%", "Lower capital and operating costs due to unique geological profile without radioactive elements", "Large-scale potential with initial 42-year mine life using less than 4% of total mineral inventory", "Will be one of only two domestic rare earth element sources and the only domestic source of heavy rare earth elements", "Projected to support 30% of U.S. defense applications for permanent magnets" ]Ramaco Resources (NASDAQ: METC) ha ricevuto risultati preliminari positivi dalla valutazione economica (PEA) condotta da Fluor Corporation, che confermano la fattibilità commerciale e tecnica del giacimento di terre rare Brook Mine. Il progetto mostra solide prospettive economiche con un NPV8 pre-tasse di 1,197 miliardi di dollari, un NPV10 di 898 milioni di dollari e un tasso interno di rendimento (IRR) del 38%.
Il progetto richiede un investimento iniziale di capitale di 473 milioni di dollari (esclusa una contingenza del 22%) e si prevede che genererà un EBITDA rettificato annuo stabile di 143 milioni di dollari entro il 2029, con ricavi annuali di 378 milioni di dollari. A piena capacità, la miniera produrrà 1.242 tonnellate corte di ossido all’anno, comprendenti 456 tonnellate di elementi preziosi come gallio, germanio, scandio e terre rare.
Il giacimento Brook Mine, considerato la più grande fonte nazionale non convenzionale di terre rare derivanti dal carbone, presenta caratteristiche geologiche uniche con elementi radioattivi trascurabili e requisiti di lavorazione semplificati. Il progetto ha una vita utile iniziale della miniera di 42 anni, utilizzando meno del 4% del totale stimato delle riserve minerarie. È prevista l’operatività completa di un impianto pilota entro la metà del 2026.
- NPV8 pre-tasse di 1,197 miliardi di dollari e IRR robusto del 38% evidenziano l’economia solida del progetto
- EBITDA annuo rettificato stabile previsto di 143 milioni di dollari entro il 2029
- Eccezionali estrazioni medie di elementi di terre rare dal processo di lisciviazione pari al 90%
- Costi di capitale e operativi inferiori grazie al profilo geologico unico senza elementi radioattivi
- Potenziale su larga scala con vita iniziale della miniera di 42 anni usando meno del 4% delle riserve totali
- Sarà una delle sole due fonti nazionali di terre rare e l’unica fonte domestica di terre rare pesanti
- Progettato per supportare il 30% delle applicazioni della difesa statunitense per magneti permanenti
Ramaco Resources (NASDAQ: METC) ha recibido resultados preliminares positivos en la evaluación económica (PEA) realizada por Fluor Corporation, que confirman la viabilidad comercial y técnica del depósito de tierras raras Brook Mine. El proyecto muestra una economía sólida con un VPN8 antes de impuestos de 1.197 millones de dólares, un VPN10 de 898 millones de dólares y una TIR del 38%.
El proyecto requiere una inversión inicial de capital de 473 millones de dólares (excluyendo un 22% de contingencia) y se proyecta que generará un EBITDA ajustado anual estable de 143 millones de dólares para 2029, con ingresos anuales de 378 millones de dólares. A plena capacidad, la mina producirá 1.242 toneladas cortas de óxido anualmente, incluyendo 456 toneladas de elementos valiosos como galio, germanio, escandio y tierras raras.
El depósito Brook Mine, considerado la fuente nacional no convencional más grande de tierras raras derivadas del carbón, presenta características geológicas únicas con elementos radiactivos insignificantes y requisitos de procesamiento simplificados. El proyecto tiene una vida útil inicial de la mina de 42 años, utilizando menos del 4% del inventario mineral total estimado. Se planea que una planta piloto esté totalmente operativa para mediados de 2026.
- VPN8 antes de impuestos de 1.197 millones de dólares y una fuerte TIR del 38% demuestran la solidez económica del proyecto
- EBITDA ajustado anual estable proyectado de 143 millones de dólares para 2029
- Excepcionales extracciones promedio del 90% de elementos de tierras raras mediante lixiviación
- Costos de capital y operativos más bajos gracias al perfil geológico único sin elementos radiactivos
- Potencial a gran escala con vida inicial de la mina de 42 años utilizando menos del 4% del inventario mineral total
- Será una de las únicas dos fuentes nacionales de tierras raras y la única fuente doméstica de tierras raras pesadas
- Se proyecta que apoyará el 30% de las aplicaciones de defensa de EE.UU. para imanes permanentes
Ramaco Resources (NASDAQ: METC)는 Fluor Corporation으로부터 긍정적인 예비 경제성 평가(PEA) 결과를 받았으며, 이는 Brook Mine 희토류 광상의 상업적 및 기술적 타당성을 확인합니다. 이 프로젝트는 세전 NPV8 11억 9,700만 달러, NPV10 8억 9,800만 달러, 그리고 내부수익률(IRR) 38%로 강력한 경제성을 보여줍니다.
이 프로젝트는 4억 7,300만 달러의 초기 자본 투자가 필요하며(22% 비상예산 제외), 2029년까지 연간 조정 EBITDA 1억 4,300만 달러와 연간 매출 3억 7,800만 달러를 창출할 것으로 예상됩니다. 최대 생산 능력 시, 광산은 연간 1,242 단축톤의 산화물을 생산하며, 이 중 456톤은 갈륨, 게르마늄, 스칸듐, 희토류 원소 등 가치 있는 원소입니다.
Brook Mine 광상은 미국 내 석탄에서 나오는 가장 큰 비전통적 희토류 원소 공급원으로 추정되며, 방사성 원소가 거의 없고 가공 요구가 단순한 독특한 지질학적 특성을 지닙니다. 이 프로젝트는 초기 광산 수명이 42년이며, 추정된 총 광물 재고의 4% 미만만 활용합니다. 파일럿 플랜트는 2026년 중반까지 완전 가동될 예정입니다.
- 세전 NPV8 11억 9,700만 달러와 38%의 강력한 IRR로 견고한 경제성 입증
- 2029년까지 연간 조정 EBITDA 1억 4,300만 달러 예상
- 평균 90%의 뛰어난 희토류 원소 침출 추출률
- 방사성 원소가 없는 독특한 지질 프로필로 인한 낮은 자본 및 운영 비용
- 총 광물 재고의 4% 미만을 사용하며 42년 초기 광산 수명의 대규모 잠재력
- 국내 희토류 원소 공급원 중 두 곳 중 하나이며, 유일한 중희토류 국내 공급원
- 미국 방위용 영구 자석의 30%를 지원할 것으로 예상
Ramaco Resources (NASDAQ : METC) a reçu des résultats préliminaires positifs de l’évaluation économique (PEA) réalisée par Fluor Corporation, confirmant la faisabilité commerciale et technique de son gisement de terres rares Brook Mine. Le projet présente une forte rentabilité avec une VAN8 avant impôts de 1,197 milliard de dollars, une VAN10 de 898 millions de dollars et un TRI de 38%.
Le projet nécessite un investissement initial en capital de 473 millions de dollars (hors contingence de 22 %) et devrait générer un EBITDA ajusté annuel stable de 143 millions de dollars d’ici 2029, avec un chiffre d’affaires annuel de 378 millions de dollars. À pleine capacité, la mine produira 1 242 tonnes courtes d’oxyde par an, dont 456 tonnes d’éléments précieux tels que le gallium, le germanium, le scandium et les terres rares.
Le gisement de Brook Mine, considéré comme la plus grande source nationale non conventionnelle de terres rares issues du charbon, présente des caractéristiques géologiques uniques avec des éléments radioactifs négligeables et des exigences de traitement simplifiées. Le projet dispose d’une durée de vie initiale de la mine de 42 ans, utilisant moins de 4 % de l’inventaire minéral total estimé. Une usine pilote devrait être entièrement opérationnelle d’ici mi-2026.
- VAN8 avant impôts de 1,197 milliard de dollars et TRI solide de 38% démontrant une économie de projet robuste
- EBITDA ajusté annuel stable prévu de 143 millions de dollars d’ici 2029
- Excellents taux moyens d’extraction par lixiviation des éléments de terres rares de 90%
- Coûts en capital et d’exploitation réduits grâce à un profil géologique unique sans éléments radioactifs
- Potentiel à grande échelle avec une durée de vie initiale de la mine de 42 ans utilisant moins de 4 % de l’inventaire minéral total
- Sera l’une des deux seules sources nationales de terres rares et la seule source nationale de terres rares lourdes
- Prévu pour soutenir 30 % des applications de défense américaines pour les aimants permanents
Ramaco Resources (NASDAQ: METC) hat positive vorläufige wirtschaftliche Bewertungen (PEA) von Fluor Corporation erhalten, die die kommerzielle und technische Machbarkeit der Brook Mine Seltene-Erden-Lagerstätte bestätigen. Das Projekt weist eine starke Wirtschaftlichkeit mit einem vorsteuerlichen NPV8 von 1,197 Milliarden US-Dollar, einem NPV10 von 898 Millionen US-Dollar und einer IRR von 38% auf.
Das Projekt erfordert eine anfängliche Kapitalinvestition von 473 Millionen US-Dollar (ohne 22% Reserve) und soll bis 2029 einen stabilen bereinigten Jahres-EBITDA von 143 Millionen US-Dollar bei jährlichen Einnahmen von 378 Millionen US-Dollar erzielen. Bei voller Kapazität wird die Mine 1.242 Short Tons Oxid jährlich produzieren, darunter 456 Tonnen wertvoller Elemente wie Gallium, Germanium, Scandium und Seltene Erden.
Die Brook Mine Lagerstätte, die als die größte unkonventionelle Quelle für Seltene Erden aus Kohle in den USA gilt, weist einzigartige geologische Merkmale mit vernachlässigbaren radioaktiven Elementen und vereinfachten Verarbeitungsanforderungen auf. Das Projekt hat eine anfängliche Bergbau-Lebensdauer von 42 Jahren und nutzt weniger als 4 % des geschätzten Gesamtmineralbestands. Eine Pilotanlage soll bis Mitte 2026 voll funktionsfähig sein.
- Vorsteuerlicher NPV8 von 1,197 Milliarden US-Dollar und starke IRR von 38% zeigen robuste Projektökonomie
- Stabiler bereinigter Jahres-EBITDA von 143 Millionen US-Dollar bis 2029 prognostiziert
- Außergewöhnliche durchschnittliche Seltene-Erden-Laugungsextraktionen von 90%
- Niedrigere Kapital- und Betriebskosten dank einzigartigem geologischem Profil ohne radioaktive Elemente
- Großes Potenzial mit anfänglicher Bergbaulaufzeit von 42 Jahren unter Nutzung von weniger als 4 % des Gesamtmineralbestands
- Wird eine der einzigen zwei inländischen Quellen für Seltene Erden und die einzige inländische Quelle für schwere Seltene Erden sein
- Prognostiziert, 30 % der US-Verteidigungsanwendungen für Permanentmagnete zu unterstützen
- None.
- Substantial initial capital cost requirement of $579 million including contingency
- Full-scale production and steady-state EBITDA not expected until 2029
- Project still requires construction and testing of pilot plant before full commercialization
Insights
Ramaco's Brook Mine PEA confirms commercial viability with $1.2B NPV, 38% IRR, and major strategic value as a domestic rare earth source.
The Fluor Corporation's PEA results represent a transformative milestone for Ramaco Resources, confirming the commercial and technological feasibility of what could become America's most significant unconventional rare earth element (REE) deposit. With a pre-tax NPV8 of $1.197 billion and IRR of 38%, the economics appear highly favorable compared to typical mining projects.
The most compelling aspect is the projected steady-state annual EBITDA of $143 million on $378 million revenue, achievable by 2029. This represents a substantial potential revenue stream for a company that generated $105.5 million in adjusted EBITDA in fiscal 2023 across its entire coal business. The initial capital expenditure of $473 million (excluding contingency) appears reasonable relative to the projected returns.
The deposit's composition provides significant competitive advantages versus traditional REE mining. The soft, friable material with minimal radioactive elements eliminates many processing complexities and environmental challenges typical of hard rock REE deposits. This translates to lower capital intensity and operational costs, with impressive 90% extraction rates for rare earth elements.
The production profile of 1,242 annual short tons focuses heavily on high-value elements - particularly scandium ($3.75M/ton), terbium ($3M/ton), germanium ($2.44M/ton), and gallium ($770k/ton). These four elements alone would generate $325 million in annual revenue, with scandium representing nearly 59% of projected revenue despite being only 5.3% of production volume.
From a strategic perspective, the Brook Mine's positioning as potentially the only domestic source of heavy rare earths and critical minerals for defense applications creates significant national security value. The projected capacity to meet 30% of U.S. defense magnetic metal demand could attract government support and strategic partnerships.
The 42-year initial mine life using only 4% of the estimated total mineral inventory suggests substantial scaling potential and optionality for future expansion. The commencement of initial mining activities and plans for an on-site pilot plant by mid-2026 provide a clear development roadmap toward commercialization.
The Fluor PEA states that the project is both commercially and technologically feasible. This report marks a significant step forward and builds on Fluor's earlier interim preliminary techno-economic analysis. The Brook Mine holds what is believed to be the nation's largest unconventional deposit of rare earth elements and critical minerals sourced from coal and carbonaceous ore.
Key Highlights:
- Shareholder Letter: In conjunction with today's press release, the Company is releasing a shareholder letter from Randall Atkins, Ramaco's Chairman and Chief Executive describing the economics and the Company's vision for the Brook Mine rare earth element and critical mineral project. The shareholder letter can be found on the Company's website.
- NPV & IRR: The results of the Brook Mine PEA outline NPV8 (net present value using an
8% discount rate) of$1.19 7 billion10% discount rate) of$898 million 38% with a total initial capital cost estimate of$473 million 22% capital expenditure contingency). - Annual Economics and Production: The results of the Brook Mine PEA outline that based upon the current mine plan of a 2 million ton per annum production of coal that the adjusted EBITDA (see footnote for definition) from the rare earth and critical mineral operation would be
$134 million $143 million $378 million - Full PEA: The full Preliminary Economic Assessment from Fluor will be available on or before July 8th on the Company's website. The Company's recently updated Exploration Target from Weir International Inc. remains unchanged and is on the Company's website. As a reminder, it shows a total rare earth oxide of up to 1.7 million tons from the currently permitted 4,500-acre area of the Brook Mine. An additional approximately 11,500 acres remain for future exploration and development.
We believe that the updated Preliminary Economic Assessment conducted by Fluor offers compelling new confirmation of the Brook Mine project's viability. This independent evaluation not only validates Ramaco's current development strategy but also provides strong momentum to advance the project's next phases.
Unlike traditional rare earth element (REE) deposits, which often involve complex, high-cost processing and the management of radioactive elements contained in the ore, the Brook Mine deposit is composed of soft, friable, clay and rock associated with coal and negligible radioactive elements. This unique geological profile significantly reduces the cost and requirement for energy-intensive processing typically required in hard rock mining.
As a result, the project is expected to benefit from a more efficient separation and extraction process with lower capital intensity than with hard rock deposits. Additionally, the simplified mineralogy supports a streamlined flow sheet, which could reduce operational complexity and lead to lower overall capital and operating costs.
Specifically, a flowsheet for the Brook Mine project comprises a conventional comminution circuit, a multi-stage liberation process, followed by purification, separation, and calcination to produce separated critical mineral oxides. Aspects of this flowsheet contain proprietary intellectual property.
In terms of the details, the capital cost estimate was completed by Fluor to an AACE Class 5 estimate including a
Capital Costs | ($MM) | |
Mine | $ | 30 |
Processing Plant | $ | 439 |
Infrastructure | $ | 4 |
Total Before Contingency | $ | 473 |
Contingency & Escalation ( | $ | 106 |
Total Initial Capital Cost | $ | 579 |
Specifically, a successful bench-scale test work program managed by Fluor, supports flowsheet development and confirms exceptional light and heavy rare earth element leach extractions averaging
On the production front, the chart below shows projected annual production levels.
Annual Production | ||
Rare Earth Oxides (Steady State) | (short tons) | |
NdPr | 254 | |
Gallium | 98 | |
Scandium | 65 | |
Dysprosium | 25 | |
Germanium | 9 | |
Terbium | 5 | |
Total of Above | 456 | |
Other | 786 | |
Total Rare Earth Oxide Production | 1,242 | |
The project cost estimates are shown below.
Annual Costs (Steady State) | ($MM) | |
Mining (net) | $ | 27 |
Processing | $ | 195 |
Production Taxes | $ | 9 |
SG&A and Other | $ | 4 |
Total Annual Costs | $ | 235 |
On the revenue front, long term rare earth and critical mineral pricing forecasts for domestic sourced materials were obtained from industry sources. The chart below shows the prices for our most valuable products together with their projected revenue and production metrics.
Brook Mine Summary | ||||
Tons (Short) | Revenue ($ MM) | Price ($/Metric Ton) | % Of Production | |
NdPr | 254 | 20.4 % | ||
Gallium | 98 | 7.9 % | ||
Scandium | 65 | 5.3 % | ||
Dysprosium | 25 | 2.0 % | ||
Germanium | 9 | 0.8 % | ||
Terbium | 5 | 0.4 % | ||
Total | 456 | 36.7 % | ||
Other REEs | 786 | 63.3 % | ||
Total | 1,242 | 100.0 % |
The chart below shows that Adjusted EBITDA of
Annual Revenue & Adjusted EBITDA (Steady State) | ($ MM) |
Total Revenue | $ 378 |
Total Costs | $ 235 |
Total Adjusted EBITDA | $ 143 |
An initial mine life of 42 years is assumed in the PEA. However, the initial mine life consumes less than
Initial mining activities have commenced at the Brook Mine to procure representative ore for the upcoming pilot scale metallurgical testing. These efforts will support the construction and commissioning of an onsite pilot plant, targeted to begin in the fourth quarter of 2025. The on-site pilot plant will support commercial design and product development and is anticipated to be fully operational by mid-2026 to ship product to potential customers for testing.
"This report marks an important milestone in Ramaco's transition to become both a rare earth and critical mineral, as well as metallurgical coal producer. The development of our Brook Mine deposit is important not only to Ramaco but also to our country," said Randall Atkins, Chairman and CEO of Ramaco Resources. "Importantly, this analysis from Fluor, an internationally recognized independent engineering firm, validates our continued pursuit of the development of this potentially valuable and nationally strategic deposit.
"When we are in production, the Brook Mine will be one of only two domestic sources of rare earth elements. However, it will be the only domestic source of both heavy rare earth elements and critical minerals that are vital to our nation's defense industry. Based on just the magnet rare earth oxides projected to be produced at current levels, we believe the Brook Mine would support 3
"Today is an exciting day for Ramaco's transition, but also for a new supply line for the country's critical need for rare earth elements.
"We will continue to keep our shareholders apprised of important developments along our path to full-scale commercialization. I would encourage you to read my shareholder letter that outlines our vision for the Brook Mine."
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern
INFORMATION REGARDING SUMMARY DESCRIPTIONS FROM FLUOR REPORT OF PROPRIETARY INFORMATION
Please note that information and details contained in the summary of the PEA provided by Fluor has been generally summarized or redacted from inclusion herein. The summary or redaction of the details and Information provided by Fluor as it is presented herein does not affect the overall findings or conclusions presented herein. Ramaco reserves all its intellectual property ownership and rights to any and all of the information disclosed herein and does not waive its rights or ownership regarding the proprietary data, information and processes described herein.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Many of the statements contained in this letter constitute "forward-looking statements" within the meaning of the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this letter, regarding our strategy, objectives, intended investigative, research and development efforts, future operations, estimated value of the REE deposits, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this letter the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements may include statements about:
- identification and implementation of commercially feasible extraction processes, and establishment of pilot and production extraction facilities.
- expected costs to develop planned and future operations, including the costs to construct necessary processing, refuse disposal and transport facilities.
- the availability of the equipment and components necessary to construct our pilot and production extraction facilities.
- estimated quantities or quality of our reserves.
- our ability to obtain additional financing on favorable terms, if required, to complete the contemplated development.
- maintenance, operating or other expenses or changes in the timing thereof.
- competition in REE and critical minerals mining and extraction markets.
- the price of REEs and critical minerals.
- compliance with stringent laws and regulations, including environmental, climate change and health and safety regulations, and permitting requirements, as well as changes in the regulatory environment, the adoption of new or revised laws, regulations and permitting requirements.
- potential legal proceedings and regulatory inquiries against us.
- the impact of weather and natural disasters on plant construction, demand, production and transportation.
- geologic, equipment, permitting, site access and operational risks and new technologies related to REE and critical minerals mining.
- transportation availability, performance and costs.
- availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives and tires.
- timely review and approval of permits, permit renewals, extensions and amendments by regulatory authorities.
- our ability to comply with certain debt covenants; and
- risks related to weakened global economic conditions and inflation.
These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding the commercial feasibility of mining and extracting Ramaco's REEs, and it is possible that the results described in this letter will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Non-GAAP Measure - Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to evaluate our operating performance more effectively.
We define Adjusted EBITDA as revenue minus operating expenses, exclusive of net interest expense, depreciation, depletion, and amortization expenses; income taxes; and accretion of asset retirement obligations.
Point of Contact:
INVESTOR RELATIONS: info@ramacometc.com
or 859-244-7455
View original content:SOURCE Ramaco Resources, Inc.
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