METCB · Ramaco Resources, Inc.
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Q2 FY26 earnings call · Aug 5, 2026TL;DR. Ramaco released the Hatch conceptual study for its Brook Mine critical minerals/rare earth project showing potential NPV up to $8 billion and average adjusted EBITDA up to $1.3 billion, but with higher capital cost ($3.2B) and a delayed 2031 initial production timeline. Met coal results showed $99/ton cash cost for the fourth consecutive sub-$100 quarter alongside a Q2 net loss of $15.4M; the company lowered 2026 production and sales guidance on weak high-vol markets while raising capex for a new $25M low-vol Maben expansion.
- + Hatch conceptual study projects Brook Mine potential NPV of $8 billion and average adjusted EBITDA of $1.3 billion, with ~75% of revenue tied to semiconductor-driven critical minerals.
- + 2026 sales of 3.8 million tons effectively committed at the top end of revised production guidance, with 2.5 million tons fixed at a $121/ton blended price.
- − Lowered full-year 2026 production guidance to 3.6–3.9 million tons and sales guidance to 4.0–4.3 million tons on continued high-vol market weakness.
- − Hatch report materially increased Brook Mine capital cost to $3.2 billion (+$0.8B contingency) and pushed initial production to 2031 versus prior Fluor study expectations.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Metallurgical Coal Segment Adjusted EBITDA non-GAAP | $14.54M | Three Months Ended June 30, 2026 filing | — |
| Non-GAAP cash cost of sales non-GAAP | 104.45M | Three months ended June 30, 2026 filing | — |
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| REE & Critical Minerals Segment Adjusted EBITDA non-GAAP | -$5.44M | Three Months Ended June 30, 2026 filing | — |
| Segment Adjusted EBITDA non-GAAP | $9.1M | Three Months Ended June 30, 2026 filing | — |
| Segment capital expenditures | $30.96M | Three Months Ended June 30, 2026 filing | — |
| Total capital expenditures (including accrued capital expenditures and capitalized interest) | $31M | Three Months Ended June 30, 2026 filing | +114.9% |
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| Total number of shares purchased | 3,526,202 | Three months ended June 30, 2026 filing | — |
| Adjusted EBITDA non-GAAP | 3.91M | Six months ended June 30, 2026 | — |
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| Average price of Class A common share repurchases | $14.41 | second quarter 2026 | — |
| Berwind Mining Complex (includes Knox Creek and Maben) Company Production | 230K | Three months ended June 30, 2026 | — |
| Cash Capex | $27.4M | Three months ended June 30, 2026 | — |
| Cash Costs Per Ton Sold non-GAAP | $98 | Full-Year 2025 | — |
| Class A common shares repurchased | 3.5M | second quarter 2026 | — |
| Elk Creek Mining Complex Company Production | 701K | Three months ended June 30, 2026 | — |
| Liquidity | $400.1M | As of June 30, 2026 | — |
| Non-GAAP cash cost per ton sold (FOB mine) non-GAAP | $98 | Six months ended June 30, 2026 | — |
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| Non-GAAP cash margins on tons sold non-GAAP | $17 | Six months ended June 30, 2026 | — |
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| Non-GAAP revenue per ton sold (FOB mine) non-GAAP | $115 | Six months ended June 30, 2026 | — |
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| Sales commitments for 2026 | 3.8M | as of June 30, 2026 | — |
| Stock dividend per Class B share | $0.15 | declared August 4, 2026 | — |
| Tons committed at fixed price (total) | 2.5M | as of June 30, 2026 | — |
| Tons committed to North American customers | 1.1M | as of June 30, 2026 | — |
| Tons committed to seaborne customers (fixed price) | 1.4M | as of June 30, 2026 | — |
| Tons sold non-GAAP | 1.95M | Six months ended June 30, 2026 | — |
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| Total Tons Produced | 931K | Three months ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Coking Coal — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
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METCB
this stock
Ramaco Resources, Inc.
|
$551.48M | -61.1% | -19.5% | — | — |
|
HCC
Warrior Met Coal, Inc.
|
$4.91B | +5.6% | -14.1% | 22.4 | 7.7% |
|
AMR
Alpha Metallurgical Resources, Inc.
|
$2.30B | -9.2% | -28.0% | — | 11.0% |
|
SXC
SunCoke Energy, Inc.
|
$843.66M | +38.1% | +10.3% | — | 4.1% |
|
CODQL
Coronado Global Resources Inc.
|
$20.12M | -44.2% | -22.2% | — | 2.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| METCB | +3.0% | -25.5% | -57.5% | -0.7% | -61.1% |
| SPY | +1.2% | +1.9% | +9.9% | +2.1% | +14.2% |
| vs SPY | +1.8% | -27.4% | -67.3% | -2.8% | -75.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.