Ramaco Resources Inc. Coal Business to Improve

Ramaco Resources reported a 1Q26 earnings miss due to high costs and soft pricing but reiterated full-year 2026 guidance. Goldman Sachs maintains a Neutral rating with a $16 price target as the company pursues a three-way split and advances its Brook Mine rare earths asset.

Key Takeaways

• 1.1Q26 financial results missed consensus estimates due to weaker realized pricing and higher fuel/freight costs linked to conflict in Iran.
• 2.Management reiterated 2026 production and sales guidance despite the weak start, expecting better seaborne pricing in the second half of the year.
• 3.Ramaco is restructuring into three distinct companies: Ramaco Royalty, Ramaco Critical Mineral Resources, and Ramaco Refining.

Table of Contents

• Key takeaways
• Valuation
• Key Risks
• Disclosure Appendix

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