Exhibit 99.1

Ramaco Releases Summary of

Independent Preliminary Economic Assessment Report

from Fluor Corporation

LEXINGTON, Ky., July 10, 2025, – Ramaco Resources, Inc. (NASDAQ: METC, METCB) (“Ramaco” or the “Company”) today announced that it has released a summary of the full independent Preliminary Economic Assessment (the “PEA”) for Ramaco's Brook Mine, prepared by Fluor Corporation (“Fluor”), on the Company's website.

“We are very pleased with the results in the full PEA from Fluor and their presentation to our Board” said Randall Atkins, Chairman and Chief Executive Officer for Ramaco. “The results confirm the Brook Mine is both commercially and technologically feasible and, with the ribbon cutting of the Brook Mine tomorrow, we are excited about this new chapter for both Ramaco and our Nation.”

The Company’s summary of the full PEA can be accessed by visiting: www.ramacoresources.com.

About Ramaco Resources, Inc.

Ramaco Resources, Inc. is 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. Its 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 operates a carbon research and pilot facility related to the production of advanced carbon products and materials 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.

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 rare earth element (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:

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.

Point of Contact:

INVESTOR RELATIONS:

info@ramacometc.com

or 859-244-7455

SOURCE Ramaco Resources, Inc.

Exhibit 99.2

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

Summary of Brook Mine Rare

Earth Project Preliminary

Economic Assessment (PEA)

Report

JULY 09, 2025

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Ramaco Commentary

This Preliminary Economic Assessment Summary (PEA Summary) has been internally prepared by Ramaco Resources, Inc. (Ramaco) by redacting certain data, information, and processes included in the Preliminary Economic Assessment report (PEA Report) prepared by Fluor Corporation (Fluor) for Ramaco that are considered by Ramaco to be proprietary. This redaction has been undertaken to protect such proprietary and confidential data, information, and processes, while still presenting information that Ramaco believes is important to its investors.

Ramaco believes that the summarization and redaction of certain data, information, and processes presented in the PEA Report do not affect the overall findings and conclusions of the PEA Report or this PEA Summary. Ramaco reserves all intellectual property ownership and rights to any and all details, data, and information disclosed herein. Ramaco also does not waive its rights or ownership regarding any proprietary data, information, or processes described herein.

The following statement from Fluor accompanied the presentation of the original PEA Report.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

TABLE OF CONTENTS

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Ramaco Resources Inc. is assessing the development of a rare earth elements (REE) processing facility at its Brook Mine site near Sheridan, Wyoming. To support this initiative, the company engaged Fluor Enterprises Inc. to conduct a Preliminary Economic Assessment (PEA). This assessment includes an AACE Class 5 capital and operating cost estimate for the proposed processing facilities and evaluates both the technical and economic feasibility of the project. This report presents the findings of that assessment.

The Preliminary Economic Assessment (PEA) is underpinned by a conceptual process flowsheet and mass balance developed from preliminary metallurgical testing conducted by Hazen Research Inc., supplemented with key input data from Ramaco, including ore feed grades and product pricing. To simulate the processing circuit, Fluor utilized Metso’s HSC Chemistry Software, integrating laboratory test results and process feed data. The resulting simulation model incorporates specific unit operations tailored to achieve the desired processing outcomes, forming the technical foundation of the PEA.

Recent metallurgical test work has demonstrated that high rare earth element (REE) extraction rates from the Brook Mine deposit are achievable. The multi-stage leach method produced the highest extraction efficiencies, with all REEs exceeding 90% extraction, and other critical minerals – such as Scandium, Gallium, and Germanium – achieving average extraction rates in the mid-80% range. These results directly inform the process design and support the technical feasibility of the proposed facility.

Using the conceptual process flowsheet and mass balance as a foundation, Fluor leveraged its in-house data to estimate equipment costs and benchmark key inputs for both capital and operating expenses. These estimates were integral to the development of the financial model, which was prepared collaboratively by Ramaco and Fluor to evaluate the economic viability of the proposed processing facility.

The PEA estimates the capital cost of the proposed processing facility at $533.1 million USD, excluding mine-related capital and residue placement. Operating costs are projected at $71.22 USD per tonne of mill feed, excluding mining and filter cake residue handling.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Notably, approximately 85% of processing costs are attributed to reagents and consumables.

Based on these inputs, the financial model – developed jointly by Ramaco and Fluor – projects an unlevered pre-tax internal rate of return (IRR) of 38% and a payback period of 5 years under the base case scenario.

The economic viability of the project is strongly supported by the presence of high-value critical minerals in the Brook Mine deposit. Scandium alone is expected to contribute 59% of total revenue, while Scandium, Gallium, and Germanium combined could account for up to 83% of projected revenue, underscoring their central role in the project’s financial success.

Based on the findings of the Preliminary Economic Assessment (PEA) and the product pricing provided by Ramaco, Fluor concludes that the Brook Mine Rare Earth Project is both technically and economically viable. As a result, Fluor recommends that Ramaco proceed with the continued development of the project.

Ramaco Resources Inc. (Ramaco) has engaged Fluor Enterprises Inc. (Fluor) to support the development of the Brook Mine Rare Earth Elements (REE) Project, located approximately 9 miles from Sheridan, Wyoming, with access via U.S. Highway 90. Ramaco, a producer of high-quality metallurgical coal in southern West Virginia and southwestern Virginia, currently operates four active mining complexes in Central Appalachia and is preparing to bring a fifth mine online near Sheridan. This site also hosts a research and pilot facility focused on producing advanced carbon products and materials from coal.

In May 2023, Ramaco announced a significant discovery of rare earth element deposits at the Brook Mine. Since then, the company has conducted additional drilling and metallurgical testing. The Brook Mine spans over 15,800 acres, with approximately 4,500 acres fully permitted for mining since 2020. Initial exploration and assessment activities have been concentrated within this permitted area.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The REEs identified at Brook Mine include both light rare earth elements (LREEs) and the more valuable heavy rare earth elements (HREEs). These elements are primarily found in carbonaceous claystones and shales located above and below the coal seams. Due to the soft and friable nature of the host material, these deposits may be mined using conventional surface mining techniques, offering potential economic and environmental advantages over traditional hard rock REE mining.

The purpose of this Preliminary Economic Assessment (PEA) is to evaluate the financial viability of the Brook Mine REE Project. The proposed processing plant is designed to produce up to 1,000 tonnes per annum of total rare earth oxides (TREO), along with Scandium (Sc), Gallium (Ga), and Germanium (Ge) oxides – critical minerals that, while not technically REEs, are essential to the project’s economics.

The AACE Class 5 capital and operating cost estimates are based on a conceptual flowsheet developed using test work conducted at Hazen Research Inc. Ramaco provided cost inputs for mining and residue handling, as well as pricing assumptions for the final oxide products. Fluor relied on the accuracy of the data provided by Ramaco and did not independently verify test results, calculations, or supporting documentation. These inputs were used to jointly develop a financial model to assess the project’s economic potential.

Ramaco provided Fluor with the ore characteristics that will feed the processing plant, these have been used as the basis of the process design. Figure 1 lists the Brook Mine ore characteristics.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 1. Ore Characteristics Specification.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

To develop the metallurgical process design, along with the conceptual flowsheet and mass balance, Fluor utilizes Metso’s HSC Chemistry Software to simulate the processing circuit. The simulation model is built using available process feed data and results from metallurgical laboratory testing. Specific unit operations are incorporated to achieve the desired process outcomes.

The accuracy and reliability of the simulation are closely tied to the progression of laboratory and pilot plant test work. These tests provide essential thermodynamic and kinetic data for each unit operation, which are critical for refining the model. As the project advances, the simulation will be continuously updated with new and evolving process information.

Below are the steps typically employed to develop the process simulation.

Once established, simulation becomes a powerful tool for evaluating alternative processing strategies, enabling the identification of more cost-effective and efficient options.

Figure 2 is the operating basis table used for the process design.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 2. Brook Mine Process Design Basis Criteria.

The block flow diagram provided in Figure 3, is an illustration of Brook Mine processing facility with the capacity of 1,000 t/a of Total Critical Mineral Oxides (CMO) comprising of Rare Earth Oxides (TREO) + Scandium (Sc) + Gallium (Ga) + Germanium (Ge) oxides. This process design is the basis for the PEA estimate.

Figure 3. High-Level Block Flow Diagram – Brook Mine Rare Earth Project.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Below is a brief description of the Brook Mine processing facility. The flowsheet contains Ramaco intellectual property (IP), so IP sensitive information is removed from the process descriptions.

The run of mine (ROM) material has high crushability, and an expected low Crushing and Grinding Work Index that will be confirmed by future test work. The primary concern is therefore not associated with the hardness and abrasive nature of the ROM but instead, with the clay content and reasonably high moisture content which present as an easily caking or sticky material.

Consequently, the primary and secondary crushers were selected to be mineral sizers which are capable of processing sticky material and can easily crush the larger material down to the target size. Reduction ratios are typical for sizers i.e., approximately 3 to 4 and it is estimated that a maximum of three stages are needed to reduce the material to sub 15 mm.

The target p80 for the leach feed is 200 µm which is achieved by passing the material through an open circuit ball mill.

The ball mill discharge mineral is a mixture of predominately kaolinite clay and quartz with minor amounts of iron oxides and coal. The material is pretreated to liberate critical minerals and increase the leach kinetics in later steps.

Primary leaching agent is used to solubilise pretreated feed. This leaching agent is very effective at attacking the host mineral matrix, thereby liberating Gallium and Germanium.

The primary leaching agent also attacks a portion of the liberated Rare Earths. The slurry is then filtered and residue that contain most of the REE content is sent to secondary leaching.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The filter cake from the primary leach is repulped and treated with secondary leaching agent to solubilise rare earths. Some gangue minerals also leach in this reaction. The impure Rare Earth solution is then filtered, producing the PLS Filtrate and the final Leach residue. The residue is filtered and washed and discarded as cake to a lined dry stack storage area.

The impure Rare Earth solution is transferred to the purification reactors where some impurities are removed by pH adjustment. Impurities precipitate in this reaction. This is the first stage of purification produces a partially purified REE filtrate for the Solvent Exchange (SX) circuit. The filter cake is combined with the leach residue and sent to residue storage area.

The filtrate from the Impurity Precipitation stage contains other contaminants that must be removed prior to SX.

An ion exchange (IX) process is a well-established and proven method to remove these impurities. Specific resins absorb the impurities allowing the Rare Earth ions to pass through unimpeded to the SX circuit. The loaded resin is then stripped while another bed is being loaded. The striped effluent is enriched in impurities and is sent to waste treatment.

Following IX, the Rare Earths are free from impurities. However, the solution is dilute, so the Rare Earths need to be concentrated for efficient SX operations. Thus, the Rare Earths are re-precipitated by adjusting the pH. The Rare Earths, including Scandium form a precipitate which is filtered out of the solution. The filtrate from this step is contains mostly alkaline metals like Sodium and Potassium sulphates. The filter cake is however a concentrated REE precipitate that is re-leached in hydrochloric acid to feed the SX with a high REE chloride solution.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The exact number of contact mixer settlers for the Brook Mine project will be determined from metallurgical testwork planned for future phases of the project.

Gallium and Germanium were selectively removed from the REE metals during the filtration in the Primary Leach Section.

Gallium is recovered through the well-established and industry practiced SX with Kelex 100. Kelex 100 offers a high selectivity for the solvent extraction of gallium from solution.

Both Gallium and Germanium are recovered in hydroxide form and then calcined. Because of the small mass rate, it is recommended that the REE calcining systems be used for all respective calcinations with suitable measures to avoid cross contamination.

The water supply and water management of the process is only considered at a very high level for the PEA. This is because details of integration between the REE facility and the Brook coal mine, as well as water recirculation and disposal options and water quality issues must be decided through a targeted package of work in the next phases of the project. Allowance has been made for large Storage volumes to support operations over a period of a week.

The primary objective of the site infrastructure and facilities is to provide a cost efficient, functional, and safe design to support the process and production objectives. Included in this section are the plans for site preparation and development

The project site has ready access to critical infrastructure with a nearby population center suitable to support lasting operations. The region has a history of industrial coal mining around the selected site.

The proposed mine and process plant site location is shown in the following two figures. The proposed site is approximately 9 miles north from the City of Sheridan, Wyoming.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 4. Brook Mine and Process Plant Site Location.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 5. Brook Mine and Proposed Process Plant Site Location.

The primary points for entry for trucks transporting goods, supplies, and equipment during the construction phase will be from the north or south via Interstate Highway 90. Transportation of goods and supplies can also be supplied by rail as there is nearby railroad access to the planned site.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The climate at site varies moderately from summer to winter, ranging from an average low of 24.4°F in January, to an average high in July of 71.5°F. The month of July sees the greatest average daily swing of temperature difference of 32°F.

Fresh water will be supplied by drilled wells on site. The line will supply the site’s domestic and firewater needs, as well as the process make-up water. Water derived from sources of groundwater will be integrated into the water supply and distribution system using pipelines to provide water to the site needs (i.e, make-up process water, dust control, fire suppression, potable needs).

Currently it is assumed that the onsite available groundwater quantity and quality is adequate for the process system and will be pumped from surrounding wells to a storage tank in the processing area. The water services facility will consist of a storage tank for raw water, process water, and fire water. These tanks will be located on the processing facilities.

Firewater is piped to a fire pump skid (including firewater main pump, firewater diesel pump, and firewater jockey pump) to provide firewater using buried distribution piping to surface fire hydrants and pressure indication valves. Process water will be pumped from the storage tank and distributed throughout the facilities via the pipe rack. This process water will be piped to various areas of the plant to provide process water to users. The raw water tank will be the main water receiving tank.

Potable Water will be derived from the raw water supply system. Raw water will be treated to potable water standards and distributed to administrative buildings, restrooms, cafeteria, break rooms, and eye wash and safety shower units. Chlorinated bottled water will be brought in for drinking purposes from offsite.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The process cooling water system will consist of a cooling tower that will provide a continuous flow of cooling water at supply temperatures as specified by cooling water users. Cooling water will be distributed by supply pumps via piping routed both underground and above ground to cooling water users throughout the process area. Cooling water will be returned to the cooling tower cells via piping on the pipe rack.

Steam/process condensate will originate from the boiler house and will be used to satisfy the process needs.

The plant and instrument air system will be designed from a common instrument and plant air compressor system. The compressed air system will consist of air compressor(s), air dyer, coalescing filters, particulate filters, and air receiver tanks for instrument air service in the process areas of the plant. Multiple compressors will be preferred to achieve the peak demand rates over a large receiver volume to optimize the system. The compressed air stream will be partially dried to instrument air quality and distributed via pipe racks to end users. This service is primarily for instrument usage. Optimization and selection of equipment will be determined in the next phases of the project

Sewage waste streams will originate as effluent from bathroom facilities and breakroom operations and will be managed through a contracted package sewage plant. Effluent from the treatment plants will be routinely monitored to verify the treatment systems are functioning as designed and meet applicable environmental design criteria.

A packaged sanitary wastewater treatment system will be provided to treat waste from restrooms, break rooms, and other potable water users onsite. The water will be treated with membrane bioreactor technology. Treated effluent will be taken offsite and disposed of at an appropriate waste facility.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Waste will be generated during operations associated with the project. These will include lubricants, diesel fuel, oil, oily water, containers and drums, sewage, solid waste, chemicals, discarded general waste (e.g., personal protective equipment), and medical waste. The project will develop a waste management plan in future phases.

Any soil and other unconsolidated earthen material that become impacted by releases of various types of standard hydrocarbons (i.e., fuels, motor oil, etc.) because of unplanned releases and/or accidents will be transported to an appropriately licensed facility or otherwise remediated in an appropriate manner, as authorized by Wyoming Department of Environmental Quality, and directed through implementation of a management plan.

The expected minimal amount of hazardous and medical waste resulting from operations will be containerized and transported in accordance with the project waste management plan. These materials will be sent to an appropriate disposal or recycling site, operated in accordance with any Wyoming state requirements.

Fuel needed to support operations at the project site will be transported by a contracted third-party using delivery trucks to supply fuel to a fuel station within the processing facilities. This fuel station will include:

The fueling facility will be in the processing facilities area near the maintenance and wash facilities and will consist of above-ground tanks with unloading pumps for both diesel and gasoline. The facility will be on concrete pads. The tanks will be equipped with overspill protection valves and alarms and tanks will be double walled.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The entire fuel storage area (including vehicle drive-up and fueling areas) will be located within an in-ground containment system that utilizes HDPE lining and a low-point sump. This containment area is sized to capture the volume plus 10% of the largest tank in the fuel station. Any water that enters the containment will go to a low-point sump. Water will be tested and, if contaminated, disposed of within state and federal guidelines.

A spill prevention, control, and response plan will guide the management of fuel used onsite and emergency response procedures in the event of an accidental release of fuel to the environment, as well as define necessary worker training programs to be developed and implemented onsite.

The process requires a suite of reagents that are commonly used in critical minerals and other hydrometallurgical flowsheets. The specific reagents required are not disclosed to protect the intellectual property related to Ramaco’s flowsheet.

Process plant laboratory chemicals will be supplied in bottles and small bags, based on supplier packaging and requirements, to the site. They will be stored in the laboratory chemicals storage area. These chemicals will be used as is or diluted with de-ionized water to required concentration, as required for the lab analysis.

All the buildings will have electrical (lighting and receptacles), plant communications, and access to the local area network. None of the facilities will have restrooms, breakrooms, or other personnel conveniences beyond those specifically identified.

Process buildings will consist of a pre-engineered steel shell designed to support overhead cranes. The building envelope will consist of pre-painted, single-skin profiled wall cladding and roof decking. Pre-painted industrial formed gutters and downspouts will be provided as part of the buildings.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The interior will accommodate multiple separate areas depending on the process areas definitions on the layout. In other process areas where required it will be separated by a wall with metal cladding on girts and will be covered with a common roof, sloped 2% to drain from the roof ridge located along the dividing wall of each area to the opposite eaves’ gutter system.

The building structure will be anchored onto cast-in-place concrete pedestal foundations set on spread footings. Exterior equipment access truck doors will be at the perimeter of the building, including wall opening doorways, to allow a steel container to be inserted for forklift loading access.

Personnel doors for emergency egress will be placed around the perimeter of the building depending on floor slopes and exterior grade elevations.

The process areas that require buildings will be determined in the next phase of engineering.

This building will be a membrane-covered frame structure that will house spare equipment and parts. This will also serve as a workshop to where maintenance can be performed in-house on any faulty equipment.

Equipment access doors will be at the perimeter of the building, including wall opening doorways to accommodate freight containers for forklift loading access. A concrete slab floor shall be designed to withstand forces imposed by forklift loading activity.

This facility will be at the main entrance to the plant to serve as a control point. The facility will house a security office, coffee station, and unisex toilet. It will be designed as a prefabricated trailer fully finished and insulated to reduce air conditioning load.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The facility will be placed on cribbing materials. Electrical, data/telephone, HVAC, fire protection, plumbing, and other related equipment will be pre-installed in the facility with only minor service connections required at site.

The facility will be pre-purchased for use during construction.

This facility will consist of fully finished site office trailers assembled to form one cohesive office facility. The facility will contain four private offices and 24 open workstations, including a 12-person conference room, a document area, and a separate meeting area.

The containers will be modified to include emergency egress personnel doors in compliance with the applicable codes. In addition, perimeter windows will be installed throughout the facility for natural light.

Electrical, data/telephone, HVAC, fire protection, and other related equipment will be pre-installed in the facility with only minor service connections required at site. The facility will be pre-purchased and can be used during construction as the EPCM office.

This facility will consist of two fully finished trailers assembled to form a 30-person lunchroom and a separate men’s and women’s change room. The facility will be supported on cribbing materials.

A separate mechanical area will house hot water tanks and serve as a utility or janitorial room.

This module will be located near the process plant to serve as the main control room, which will house a PC-based control center with a corner console workstation for two controllers, a coffee station, and a unisex toilet.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The module will be designed as a modified, prefabricated shipping container fully finished and insulated to reduce air conditioning load. The facility will be situated on permanent concrete foundations with a step landing at the entrance.

This facility will consist of one fully finished trailer, assembled to form a first aid facility, which will consist of one private office for the first aid attendant, a unisex toilet, a locked storage closet, one-person hospital bed station with tracked privacy curtain, an area equipped with base and wall cabinetry for medical supplies and equipment.

The facility will be supported on cribbing materials.

Electrical, data/telephone, HVAC, fire protection, and other related equipment will be pre- installed in the facility with only minor service connections required at site.

The facility will be pre-purchased for use during construction.

To minimize installation costs, the electrical rooms will be distributed around the site and installed as close as possible to the major electrical loads.

All process electrical rooms will be modular units assembled offsite. The rooms will be installed outdoors on elevated steel structures adjacent to process areas or indoors on elevated structures. The rooms will be self-supporting, designed and packaged for road shipment to site. All electrical controls and instrumentation equipment will be installed, wired, and completely tested before shipment.

The rooms will be built to meet a one-hour fire rating. All openings will be sealed and made water- and dust-tight by using approved fire-retardant materials.

All electrical rooms will have two means of egress at opposite ends of the room. Doors to the rooms will be supplied with panic exit type hardware. Each room will also have an equipment door sized to permit the largest piece of equipment to be installed/removed without removing the door from its hinges. The floors of the rooms will be elevated a minimum of 20 cm (8") above the adjacent process concrete floors. No liquid or fluid piping will be routed through electrical rooms.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The electrical rooms will be pressurized, air conditioned, and designed in accordance with occupancy regulations.

The firewater water loop distribution firewater across the Brook Mine Project site will provide protection for the buildings via sprinkler systems. Additional specialized fire suppression systems will be provided, such as wet risers, as well as portable fire extinguishers. The systems will be installed as needed to protect personnel and the facility by minimizing, controlling, and extinguishing any fires that may occur.

Gas detection systems will be provided on an as needed basis throughout the process plant area to detect both flammable gases such as hydrogen and hazardous gases such as chlorine. The building exhaust fans will be activated prior to reaching lethal levels for combustible gases as prior to reaching hazardous levels for chlorine.

Fire detection will also be provided across the site to activate the appropriate firefighting measures, alert plant personnel, and notify the local authorities.

No fireproofing of structural steel is currently deemed to be required.

A conceptual assessment was performed for delivery, receiving, unloading and storage of major reagents to be used in Brook Mine Project processing facility.

With the Sheridan rail facility available just a couple miles south of the selected project site, the following options are available for the major reagents’ delivery.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

From the assessment, delivery of reagents via rail car at Sheridan and transporting via trucks to process facility for delivery, unloading and storge is the most viable and recommended option with Sheridan rail network facility readily available for use.

However further detailed evaluation needs to be performed in the next phases of the project for the required material receiving, transfer facility for storage and/or transfer to trucks, unloading at process facility, loading and unloading arm requirements with potential and/or confirmed origin of reagent supply and turnaround times at the origin and Sheridan.

For this PEA, Fluor generated a capital estimate that meets the AACE Class 5 level CAPEX requirements. It is one of the main inputs for the financial model, which in turn will aid Ramaco in determining the level of economic benefit achieved by processing the Brook Mine rare earth deposit.

This deliverable represents an AACE Class 5 level estimate, for a 1,000-tonne-per-year TREO mining operation focused on rare earth minerals, specifically Total Rare Earth Oxides (TREO) and Critical Mineral Oxides (CMO).

A process simulation of the Brook Mine was developed to support this estimate, which provided a mass balance aligned with the specified plant capacity. Based on this simulation, a Process Design Criteria (PDC) document was created, serving as the foundation for the mechanical equipment list (MEL).

The MEL was priced using a combination of:

This priced equipment list formed the basis of the capital cost estimate.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

For additional scope elements including site preparation and improvements, plant roads, site infrastructure, power supply and distribution, plant utilities, and water systems – costs were estimated using percentage-based benchmarks derived from Fluor’s database for similar plant types.

Below is a list of the assumptions and qualifications used in determining the capital expense estimate.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 6 is a summary of the capital cost estimate for the process plant only.

Figure 6. Summary of Initial Capital Cost Estimate – Process Plant.

Ramaco provided the capital costs for the following items:

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 7 provides an indicative total cost (ITC) estimate by area and includes the capital costs provided by Ramaco.

Figure 7. Summary of Initial Capital Cost Estimate.

The capital cost estimate is $579 million including an escalation of $21 million and a contingency of $85 million for the process plant scope. Ramaco provided estimates for mining, pilot plant, and residue handling. The capital cost estimate is effective Q2-2025 and has an accuracy of -30%/+50%.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The process operating cost estimate meets the requirements for a PEA and encompasses all processing areas from mill feed through to product handling. The estimate is structured into four primary cost categories:

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The estimate reflects one full year of operation at nameplate capacity. Historical or quoted costs were escalated to the estimate base date using Fluor’s standard escalation practices.

The following items are excluded from this estimate:

The cost for mine and general administrative labor is accounted for in the general and administrative costs. The were sourced from the U.S. Bureau of Labor Statistics (OEWS) for Wyoming in May of 2024 and then adjusted for inflation using information to March of 2025 levels. The total compensation was calculated using the U.S. Bureau of Labor and Statistics, Mountain Census Region total compensation multiplier. Figure 13 provides a detailed list of the wages and total compensation per the process plant employees.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 8. Wages and Total Compensation (Direct Labor including the Lab).

Figure 14 is a summary of the operational costs.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 9. Annual OPEX Summary and Cost per tonne of TREO+Sc+Ga+Ge+Oxides.

Over the 42-year life-of-mine, the average annual process operating cost is estimated at $188.4 million, equating to:

Notably, reagents and consumables account for approximately 85% of total process operating cost.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

A financial model was developed to support Ramaco’s evaluation of the Brook Mine Rare Earth project’s potential viability. The model was created collaboratively by Fluor and Ramaco and endorsed by the company’s Chief Financial Officer (CFO). Key inputs to the model include preliminary recoveries based on preliminary test data, and factored/benchmarked inputs, all of which will require validation in future studies. Despite these limitations, the model has been used to define a base scenario for the project’s potential operations.

The financial model for the Brook Mine Rare Earth project model integrates a range of technical, financial, and market-based inputs, as outlined below:

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The following percentages were applied against gross revenue:

A key component of the financial model is the pricing of the end products. Ramaco provided a detailed price list for each of the rare earth and critical mineral oxide products, reflecting current market conditions.

The model represents the financial viability of the project using pricing provided by Ramaco. The product revenue split is illustrated in Figure 16.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 10. Rare Earth Oxide (REO) and Critical Minerals Oxides (CMO) Revenue Split.

The financial model indicates that seven key products drive nearly all of the project’s life-of-mine revenue:

Together, these seven critical mineral oxide products represent nearly 99% of the projected revenue.

Figure 17 presents the financial model output. The IRR is estimated at 38% (unlevered, pre-tax). The model highlights that product pricing and rare earth oxide (REO) and critical mineral oxide (CMO) recovery rates are the most influential factors affecting IRR. It is important to note that recovery assumptions are based on preliminary bench-scale testing, and the process design remains in an early stage of development. Pricing assumptions reflect expected market conditions once the processing plant reaches full production.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 11. Financial Model Output.

The financial analysis of the Brook Mine Earth project highlights several critical factors influencing project viability and investment potential:

Recovery and Revenue Drivers

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Pricing Sensitivity

Model Limitations and Assumptions

Capital and Operating Costs

Investment Outlook

These findings support continued investment in the project, with a focus on:

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

The process risks and opportunities originate from three interrelated parts, namely, low ore feed grade, high reagent consumption, and unique bespoke combinations of elements.

The tables below outline the risks and opportunities with suitable actions to mitigate or promote the outcomes.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 12. Project Risks and Potential Mitigations.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Figure 13. Project Opportunities and Promotive Actions.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Based on the PEA findings and Ramaco’s pricing, Fluor concludes that the Brook Mine Rare Earth Project is technically and economically viable. Fluor recommends continued advancement of the project, including further geological and engineering studies to improve confidence in design, execution, schedule, and costs. Continued investment is supported, with a focus on optimizing reagent use, refining process design, and validating assumptions through additional technical work.

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary

 

Below are recommendations for the project going forward.

To make sure that the Brook Mine Rare Earth Element and Critical Mineral Project progress as expected, the following key initiatives must be executed:

	Brook Mine Rare Earth Project Preliminary Economic Assessment Summary