Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2025debt financing▲ GoodMajor
Ramaco replaced its bank facility with a larger $350 million asset-based revolver (plus a $150 million accordion, so up to $500 million total), adding Truist and Old National Bank as lenders -- its credit facility has now grown roughly 9x since the 2018 original $40 million commitment, reflecting both the coal-reserve buildout and the capital needs of the rare-earth pivot.
Ramaco raised $345 million through zero-coupon convertible notes due 2031 -- effectively interest-free financing, reflecting strong investor appetite for the rare-earth story -- paired with capped-call hedges (cost $32.8 million) to limit future share dilution above a $54.56 conversion cap, more than double the stock's $24.25 reference price in the concurrent transaction.
7 Nov 2025asset acquisition disposition▲ GoodMajor
Ramaco agreed to buy more Buchanan-area coal reserves and land from the same Coronado-affiliated sellers as its 2021 deal, this time for $15 million cash.
Ramaco retained engineering firm Hatch to lead the next phase of Brook Mine work, the Pre-Feasibility Study, including pilot-plant design and process testing -- the project's next step up the confidence ladder after the PEA.
Ramaco raised about $188 million in a primary stock offering (10.7 million shares at $18.75) specifically to accelerate development of its Brook Mine rare-earth and critical-minerals project -- its first major equity raise since the IPO, priced well above where the stock traded before the PEA results.
The over-allotment on the new notes closed (total $65 million raised), and Ramaco used the proceeds to redeem all $34.5 million of its outstanding 9.00% 2026 notes -- fully retiring its original public bond while funding the rare-earth push.
Ramaco launched a $57 million offering of new 8.25% senior notes due 2030, explicitly to redeem its entire 2026 9.00% notes and to fund the newly-validated Brook Mine rare-earth buildout.
Ramaco posted the completed Brook Mine Preliminary Economic Assessment, confirming the 38% pre-tax internal rate of return first flagged a week earlier and adding that early metallurgical (leaching) test results look promising.
Ramaco said its board was still reviewing updated Brook Mine economic-study figures and would release a full summary within the week -- a short procedural pause before the formal report.
Ramaco disclosed preliminary results of an independent economic study on its Brook Mine rare-earth and critical-minerals project in Wyoming: a pre-tax net present value of $1.2 billion (at an 8% discount rate) and a 38% internal rate of return -- the first hard economics behind what the company calls the largest unconventional U.S. rare-earth deposit, discovered at the site in 2023.
Ramaco switched its regular dividend from cash to stock: $0.1375/share (Class A) and $0.2364/share (Class B), both paid in new Class B shares rather than cash.
Ramaco dismissed Cherry Bekaert (its third audit relationship in under three years) and hired Grant Thornton, a larger national firm; the filing disclosed a broader material weakness for fiscal 2023 -- a pervasive lack of documented accounting policies and controls -- a more serious finding than the 2022 IT-controls issue, even though the audit opinions themselves were never qualified.
Ramaco enlarged its KeyBank-led facility to $275 million - $200 million of firm commitments plus a $75 million accordion - and pushed maturity out to May 2029, with Star Financial and Trustmark joining as lenders and the newly acquired Ramaco Coal business added as a borrower; the money costs about half a percentage point more than under the 2023 agreement.
Ramaco's auditor MCM CPAs & Advisors was acquired by Cherry Bekaert LLP, which took over the engagement -- another routine auditor handoff via external M&A, not a disagreement.
Ramaco declared its regular $0.1250/share Class A dividend and a $0.2487/share Class B dividend, continuing the growing gap between the two share classes' payouts.
Ramaco declared its regular $0.1250/share Class A dividend and, for the first time in this record, a separate (higher) $0.1654/share dividend on its Class B stock -- the dual-class structure now visibly paying out at different rates per class.