Mulberry Industries, Ramaco Resources Announce the Entry into a Non-Binding Memorandum of Understanding that aims to Strengthen Domestic Rare Earth & Permanent Magnet Supply Chain

Rhea-AI Summary

Mulberry Industries and Ramaco Resources (NASDAQ: METC) entered a non-binding MOU on Dec. 23, 2025 to negotiate an offtake partnership aimed at strengthening a domestic rare earth and permanent magnet supply chain.

Under the MOU, Ramaco would supply customized oxide blends including samarium, NdPr, yttrium, gallium, and Dy/Tb to help Mulberry build a 10-year rare earth stockpile and manufacture magnets in Georgia for defense, aerospace, automotive, and robotics. Ramaco says mining at its Brook Mine began earlier in 2025 and a pilot processing plant is under construction.

Mulberry reports an end-to-end production flow that is 60% more streamlined than peers and a proprietary Grain Boundary Diffusion (GBD) process that uses 30%–80% less heavy rare earths.

Positive

• 10-year rare earth stockpile planned for Mulberry
• Customized oxide supply includes samarium, NdPr, yttrium, gallium, Dy/Tb
• Brook Mine mining commenced earlier in 2025 with pilot plant under construction
• Production flow 60% more streamlined than industry peers
• GBD process reduces heavy rare earth use by 30%–80%

Negative

• Agreement is a non-binding MOU, not a firm offtake contract
• Supply to Mulberry would be on a non-exclusive basis
• No firm commercial quantities, pricing, or delivery timelines disclosed

Key Figures

Rare earth stockpile 10-year stockpile Mulberry existing rare earth inventory for magnet production

SmCo in F-35 50 pounds SmCo magnets per F-35 fighter jet

Production efficiency 60% more streamlined Mulberry end-to-end production flow vs industry peers

Heavy rare earth reduction (low end) 30% less Lower bound heavy rare earth usage with 5th-gen GBD technology

Heavy rare earth reduction (high end) 80% less Upper bound heavy rare earth usage reduction with 5th-gen GBD

Pre-news price $15.56 Share price before MOU headline; up 6.79% over prior close

52-week range $6.2424 – $57.8 Pre-news 52-week low and high

Market cap $961,657,387 Equity value before MOU announcement

Market Reality Check

$17.89 Last Close

Volume Volume 2,724,195 is near the 20-day average of 2,773,681 (relative volume 0.98). normal

Technical Price 15.56 is trading below the 200-day MA at 18.99 and well under the 52-week high of 57.8.

Peers on Argus

METC gained 6.79% alongside METCB up 3.21%, while key coal peers AMR, SXC, and HCC fell 2.64%, 0.69%, and 0.74% respectively; AREC rose 6.11%, suggesting stock‑specific and critical‑minerals‑focused interest rather than a broad coal sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 01	Media appearance	Positive	-4.7%	CEO TV interview updating Brook Mine rare earth and critical minerals project.
Nov 14	Stock dividend	Positive	-1.6%	Declared Class B stock dividend of $0.1780 per share for Q4 2025.
Nov 13	Project FAQ update	Positive	-9.9%	Posted detailed Brook Mine FAQ on project, liquidity, and rare earths discovery.
Nov 04	Convertible notes/debt	Negative	-4.6%	Proposed $300M 2031 convertible notes plus $45M option and delta share offering.
Nov 04	Convertible notes/debt	Negative	-4.6%	Intent to offer $300M 2031 convertible notes with underwriters’ option and hedging.

Pattern Detected

Recent positive Brook Mine and dividend updates saw negative price reactions, while convertible note and related financing announcements aligned with share-price declines.

Recent Company History

Over the last two months, Ramaco emphasized development of its Brook Mine rare earth and critical minerals project through FAQs and media appearances, while also completing a substantial $300,000,000 0% convertible senior notes offering due 2031 with related delta hedging activity. A Class B stock dividend of $0.1780 per share was declared, and additional coal reserves were pursued via acquisition. Today’s MOU with Mulberry Industries extends this Brook Mine narrative toward downstream offtake and supply‑chain positioning.

Market Pulse Summary

The stock moved +8.6% in the session following this news. A strong positive reaction aligns with Ramaco’s strategy of leveraging Brook Mine rare earth resources into downstream partnerships. Previous Brook Mine communications and the Class B stock dividend saw negative price moves, while financing steps for 0% convertible notes coincided with declines. The MOU with Mulberry Industries adds an offtake angle, but prior capital‑markets activity and existing debt from the 2031 converts could remain overhang factors if enthusiasm for the supply‑chain story moderates.

Key Terms

non-binding memorandum of understanding regulatory

"they have entered into a non-binding memorandum of understanding ("MOU")"

A non-binding memorandum of understanding is a written outline of the main terms and intentions between parties that signals they are negotiating a potential deal but does not create enforceable legal obligations. Think of it as a detailed handshake that helps investors read a company's likely direction and near-term plans, while reminding them the final agreement, price or timeline can still change.

offtake partnership financial

"to negotiate an offtake partnership that will bolster America's domestic"

An offtake partnership is a contract where a buyer agrees to purchase a set portion or all of a producer’s future output over a defined period, often before production begins. It matters to investors because it turns uncertain future sales into predictable revenue, which lowers market and financing risk for projects — similar to a long-term subscription that guarantees income and makes it easier to plan and fund operations.

rare earth elements technical

"oxide blends that include the rare earth elements samarium, NdPr, yttrium,"

Rare earth elements are a set of 17 chemical metals used to make powerful magnets, batteries, catalysts and many tiny components inside electronics, renewable energy equipment and defense systems. They matter to investors because they are essential inputs for fast‑growing industries, and limited or concentrated supply can drive prices, create production bottlenecks or shift competitive advantage — like a factory running short of a specialized ingredient that halts output and affects profits.

permanent magnets technical

"manufacturer of high-performance permanent magnets and advanced electrical systems"

Permanent magnets are materials that produce a steady magnetic field without needing electricity, like a fridge magnet that always sticks. Investors care because these magnets are key parts in electric motors, generators and sensors across industries such as electric vehicles, wind turbines and consumer electronics, so changes in their cost, availability or technology can affect manufacturing costs, product performance and company profits.

grain boundary diffusion technical

"proprietary fifth-generation Grain Boundary Diffusion (GBD) technology that uses"

Grain boundary diffusion is the movement of atoms along the thin interfaces where crystals meet inside metals or ceramics, similar to people walking along alleyways between city blocks rather than cutting through the blocks themselves. It matters to investors because this faster, easier pathway can strongly influence how materials age, conduct heat or electricity, corrode, or fail, affecting product performance, manufacturing costs and the commercial viability of technologies like batteries, coatings and structural alloys.

samarium-cobalt technical

"makes neodymium-iron (NdFeB), samarium-cobalt (SmCo), and aluminum-nickel-cobalt"

Samarium-cobalt is a type of permanent magnet material made from rare-earth metals that produces very strong magnetic fields while remaining stable at high temperatures and under stress. Investors care because these magnets are critical components in electric motors, wind turbines, sensors and defense equipment, so demand, limited supply sources and price swings can affect manufacturing costs, profit margins and the competitiveness of companies that rely on high-performance magnets.

neodymium-iron technical

"Mulberry Industries makes neodymium-iron (NdFeB), samarium-cobalt (SmCo)"

An alloy made from the rare-earth metal neodymium combined with iron (often with small additions of other elements) that forms the core of very strong permanent magnets used in electric motors, wind turbines, consumer electronics and other clean-technology applications. Investors care because these materials drive performance in fast-growing industries, have concentrated and volatile supply chains, and changes in their price or availability can directly affect manufacturing costs, profit margins and competitive positions of companies that rely on powerful magnets.

aluminum-nickel-cobalt technical

"samarium-cobalt (SmCo), and aluminum-nickel-cobalt (AlNiCo) permanent magnets"

An aluminum-nickel-cobalt material is an engineered metal blend commonly made into strong, heat-resistant permanent magnets and structural parts. Think of it as a recipe where each ingredient (aluminum, nickel, cobalt) gives the final product specific strengths—durability, stability at high temperatures, and magnetic performance—which matter to investors because availability, cost, and demand for this material affect manufacturers’ production costs, product performance, and supply-chain risk in industries like electronics, motors, and aerospace.

AI-generated analysis. Not financial advice.

NORCROSS, Ga. and LEXINGTON, Ky. , Dec. 23, 2025 /PRNewswire/ -- Mulberry Industries, a Georgia-based vertically integrated manufacturer of high-performance permanent magnets and advanced electrical systems, and Ramaco Resources, (NASDAQ: METC, METCB) ("Ramaco") a leading developer of critical minerals and rare earth elements at its Brook Mine in Wyoming, today announce that they have entered into a non-binding memorandum of understanding ("MOU") to negotiate an offtake partnership that will bolster America's domestic rare earth and permanent magnet supply chain.

Under the MOU, Ramaco Resources will negotiate an agreement to provide Mulberry Industries, on a non-exclusive basis, with a supply of customized oxide blends that include the rare earth elements samarium, NdPr, yttrium, gallium and Dy/Tb. Mulberry will use this domestic feedstock to bolster its existing 10-year rare earth stockpile to manufacture advanced permanent magnets at its facility in Georgia for customers across the defense, aerospace, automotive, and robotics industries.

"This Ramaco Resources partnership diversifies our rare earth sourcing so we can continue to scale quickly and ensure long-term supply chain freedom for our customers," said Kevin Feng, CEO of Mulberry Industries. "By working with trusted partners like Ramaco Resources, we can establish a secure, ex-China supply chain for permanent magnets right here at home that strengthens America's economic and national security."

"Ramaco is proud to pursue a partnership with Mulberry Industries to supply domestically sourced rare earth oxide blends that underpin a resilient, ex China permanent magnet supply chain," said Randall Atkins, Chairman and CEO of Ramaco Resources. "With mining at the Brook Mine in Wyoming commencing earlier this year and construction of a pilot plant now underway, we will be positioned to deliver reliable feedstock tailored to Mulberry's advanced magnet manufacturing. Together, we seek to build a durable, transparent supply chain that helps U.S. innovators scale with confidence for the decade ahead."

Mulberry Industries makes neodymium-iron (NdFeB), samarium-cobalt (SmCo), and aluminum-nickel-cobalt (AlNiCo) permanent magnets that are vital components for advanced technologies. Mulberry Industries is one of the only end-to-end producers in the West of SmCo magnets, which are essential for a variety of defense applications. For example, a single F-35 fighter jet contains about 50 pounds of SmCo magnets that are critical for flight control, targeting, and power systems.

Mulberry Industries has reported that its end-to-end production flow is 60% more streamlined than industry peers, enhancing speed and efficiency. This process incorporates a proprietary fifth-generation Grain Boundary Diffusion (GBD) technology that uses 30%–80% less heavy rare earths, which are costly and supply-constrained. The result is lighter, more powerful magnets for demanding aerospace and defense applications.

Ramaco Resources' Brook Mine in Wyoming is America's first new rare earth element and critical mineral mine in over seventy years and will be initially focused on the vertically integrated production of commercial oxides. Full-scale mining and construction of a pilot processing facility is underway at the Brook Mine near Sheridan, Wyoming.

This potential partnership aims to reduce the United States' reliance on China, which currently controls most rare earth mining and over 90% of refining, metallization and magnet manufacturing.

About Mulberry Industries
Mulberry Industries is a Georgia-based vertically integrated manufacturer of high-performance permanent magnets and advanced electrical systems. As America's only end-to-end permanent magnet manufacturer, we source raw and rare earth materials, refine, and metalize them to produce permanent magnets that are essential for the defense, aerospace, automotive, and robotics industries – building towards a fully ex-China supply chain that strengthens America's economic and national security.

About Ramaco Resources
Ramaco Resources, Inc. is a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth and critical minerals in Wyoming. The Company's 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 coal mine and rare earth development near Sheridan, Wyoming in the initial stages of production.

In 2023, the Company announced that a major deposit of primary magnetic rare earths and critical minerals was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company currently operates a carbon research and pilot facility related to the development and production of advanced carbon products and materials derived from coal. In connection with these activities, it holds a body of roughly 76 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.

Contacts:
Ann Artz, Mulberry Industries 
pr@mulberryindustries.com

Jason Fannin, Ramaco Resources 
Jason.Fannin@ramacometc.com 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 operating results, and it is possible that the results described in this news release 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.

These factors include, without limitation, unexpected delays in our current mine development activities, the ability to successfully increase production at our existing met coal complexes in accordance with the Company's growth initiatives, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the impact of tariffs imposed by the United States and foreign governments, the further decline of demand for coal in export markets and underperformance of the railroads, the Company's ability to successfully develop the Brook Mine REE/CM project, including whether the Company's exploration target and estimates for such mine are realized, the timing of the initial production of rare earth concentrates, the development of a pilot and ultimately a full scale commercial processing facility. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the estimated mineral resources at Brook Mine will be converted into mineral reserves in the future. Rare earth and critical minerals is a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth capabilities. 

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.

View original content:https://www.prnewswire.com/news-releases/mulberry-industries-ramaco-resources-announce-the-entry-into-a-non-binding-memorandum-of-understanding-that-aims-to-strengthen-domestic-rare-earth--permanent-magnet-supply-chain-302648540.html

SOURCE Ramaco Resources, Inc.

FAQ

What did Mulberry Industries and Ramaco Resources announce on Dec. 23, 2025 (METC)?

They announced a non-binding MOU to negotiate an offtake partnership for domestic rare earth oxide blends.

Which rare earth elements would Ramaco supply to Mulberry under the METC MOU?

Ramaco would supply customized oxide blends including samarium, NdPr, yttrium, gallium, and Dy/Tb.

How does the MOU affect Mulberry’s inventory and manufacturing plans (METC)?

The MOU aims to help Mulberry build a 10-year rare earth stockpile to support magnet manufacturing in Georgia.

What operational progress did Ramaco report for the Brook Mine in 2025 (METC)?

Ramaco said mining at the Brook Mine commenced earlier in 2025 and construction of a pilot processing plant is underway.

What manufacturing efficiencies did Mulberry cite for its magnet production?

Mulberry reported an end-to-end production flow that is 60% more streamlined than peers and a GBD process using 30%–80% less heavy rare earths.

Does the MOU guarantee exclusive supply of rare earths to Mulberry (METC)?

No — the MOU describes supply to Mulberry on a non-exclusive basis.