Ramaco Resources, Inc. Q3 2026 Earnings Recap

Shares rose 3.6% after the results, with investors responding to improving met-coal pricing and the company’s outlook for higher margins. Ramaco also reported progress on planned low-vol production growth, though much of the upside described depends on execution and market conditions holding.

Key Takeaways

• Ramaco has priced about 1.7 million tons of 2027 domestic met-coal sales at an average of $139 per ton, which management says represents more than $65 million of adjusted EBITDA in the met-coal segment.
• Including 1.1 million tons of carryover export commitments, 2027 sales total 2.8 million tons; management says that volume is up more than 30% versus 2026.
• The company expects fourth-quarter 2026 adjusted EBITDA to exceed the cumulative total for the first three quarters, and sees margin expansion continuing into 2027.
• Two mine developments expected to enter production before year-end would add about 600,000 annualized low-vol tons; including Laurel Fork’s restart, Ramaco says it will have added nearly 1 million annualized low-vol tons this year.
• The critical-minerals platform remains in development: Ramaco says testing is ongoing for its upstream geology and separation and extraction facility, including work with third-party e-waste samples.