Ramaco Cuts 2025 Met Coal Guidance Amid Weak Market, Retains Growth Optionality

Ramaco Resources reported record quarterly production of 989,000 tons in Q1 2025, despite losing around 100,000 tons to severe weather. However, due to persistently weak met coal prices—down 27% year-on-year—the company revised its full-year production guidance down to 3.9–4.3 million tons and sales to 4.1–4.5 million tons. Spot exposure is being reduced to protect margins, which remain industry-leading at $24/ton on a $98/ton cash cost. Ramaco remains cost-competitive, firmly in the first quartile of the U.S. cost curve. While current operations are optimized for cash flow, the company maintains flexibility to ramp up to 6.5–7.0 million tons annually over the next 2–3 years if market conditions improve. Supply cuts globally are starting to lift benchmarks, but demand recovery remains slow.

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