Ramaco Resources, Inc.: Brook Mine MoU Encouraging but Focus Remains on Updated Flowsheet

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Ramaco Resources, Inc.: Brook Mine MoU Encouraging but Focus Remains on Updated Flowsheet

Update

May 28, 2026 01:24 PM GMT

Morgan Stanley & Co. LLCMRamaco Resources, Inc. | North America Carlos De Alba

Equity Analyst

Brook Mine MoU Encouraging Carlos.De.Alba@morganstanley.comJustin A Ferrer +1 212 761-4927

Research Associate

Justin.Ferrer@morganstanley.com +1 212 761-5246

but Focus Remains on Updated

Ramaco Resources, Inc. (METC.O, METC US)

Metals & Mining | United States of AmericaFlowsheet

Stock Rating Equal-weight

Industry View In-Line

What's new? Ramaco and REalloys announced (here) that they have signed a non- Price target US$17.00

Shr price, close (May 27, 2026) US$15.54

binding MoU to evaluate a potential long-term partnership for the supply of rare Mkt cap, curr (mm) US$1,028

earth and critical mineral products from Ramaco's Brook Mine. The two companies 52-Week Range US$57.80-8.51

expect to collaborate on metallurgical testing, product qualification, and commercial

evaluation of Brook Mine's mixed rare earth carbonate (MREC) and critical materials

production with REalloys having the ability to secure supply rights for up to 20% of

Ramaco's future MREC and critical minerals production.

Impact to our views. We see this as an encouraging sign that Ramaco may be able

to secure off-take agreements for its critical mineral production from the Brook

Mine. However, we still await further clarity on the company's new critical mineral

flowsheet following the pivot at Brook Mine to focus on high purity gallium, alumina

and quartz, with scandium and magnetic rare earths now expected to make up a

smaller portion of the projected revenue basket. The updated preliminary flowsheet

designed by Hatch is expected to be released in late June/early July of this year and