Major Deposits of Magnetic Rare Earth Elements Discovered at Ramaco Resources Mine in Wyoming

In association with researchers from the Department of Energy’s National Energy Technology Laboratory (“NETL”) and analysts at mining consultancy Weir International, metallurgical coal producer Ramaco Resources, Inc. (“Ramaco”-NASDAQ: METC) today released an independent Exploration Target report with technical assessment of rare earth elements (“REE”) found at its Brook Mine in Wyoming.

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Exhibit 1: Global REE Deposits Per NETL: Source: NETL

Following eighteen months of extensive core drilling and independent chemical analysis, NETL researchers and Ramaco now believe that the Brook Mine property contains perhaps the largest unconventional deposit of REEs discovered in the United States.

In particular, the mine ranks among the highest relative concentrations yet discovered of magnetic REEs (“MREE”) such as “heavy” REEs Terbium and Dysprosium, as well as lighter REEs such as Neodymium and Praseodymium. Initial estimates are that approximately 28% of deposit concentrations may be in the form of MREEs.

NETL analysis shows that core samples from the Brook Mine represent highly promising, world-class MREE and HREE accumulations. These deposits contain these valuable REEs on par with conventional REE deposits, but with much less of the low-value lanthanum and cerium that must be removed by separations. Based on this data, the Brook Mine could rank among the more promising deposits on a worldwide basis, including Chinese HREE deposits.

A copy of Weir International’s Exploration Target report and a shareholder letter on the discovery from Ramaco CEO and Chairman Randall Atkins can be found at www.ramacoresources.com. Exhibits from the report are also included in this release.

There is currently only one active mine for magnetic REEs in the United States, located near the Mojave Desert in California. Magnetic REE materials are used in electric vehicle motors, advanced military technology, medical devices, and much more.

The Brook Mine comprises over 15,800 acres outside of Sheridan, Wyoming, one of the largest privately controlled mineral reserves in the Western United States. Roughly 4,500 acres were permitted for mining in 2020, which is where the initial assessment program has been conducted. Mining at the Brook Mine could begin as early as the fourth quarter of 2023, following additional mining development and assessment. The additional 11,300 acres will be also assessed and could provide opportunity to increase the scale of the overall development in the future.