Ramaco Resources (METC)

Ramaco dives deeper into its rare-earth delusion

The U.S. has woken up to the importance of rare earths for the new-energy economy, and the class of rare-earth stocks has bumped up and down with various trade announcements. In October, when China announced that it would not sell key rare earths to the U.S., contrary to the beliefs of the Trump Administration, rare-earth stocks, or shall we say companies that say they are rare-earth stocks, surged. Those included MP Materials (MP), USA Rare Earth Inc. (USAR), Critical Metals Group (CMG ASX), Energy Fuels Inc. (UUUU), and NioCorp Developments (NB). The shares fell again when the U.S. signed a rare-earths investment pact with Australia, and once again on October 27, when Treasury Secretary Scott Bessent said that China would defer its ban on exports to the U.S. for a year.

Key among this volatile stock class is Ramaco Resources (METC). Ramaco mines met coal in Appalachia but says it is actually going to be a rare-earths miner very soon via its Brook Mine property in Wyoming.

A breathless press release back in May 2023 claimed that Brook “May Be United States’ Largest Unconventional Deposit of REE Elements.” The company protected itself with that “may be.” We thought then and feel certain now that Brook is not an important rare-earth elements (REE) find. In fact, we think the REE is just cosplay; this is a small, money-losing company in a highly cyclical, over-supplied sector: metallurgical coal, and it is spending investor money on a fantasy.

Last week, just before Q3 2025 earnings, Wolfpack Research published an excellent second report on METC, claiming that the Brook Mine is worthless and a scam. Based on our assessment of company documents, we agree.